Rus-Rating ups URSA Bank’s rating

11 March 2009 (08:12)

Rus-Rating raised URSA Bank’s credit rating from BB+, Indefinite Rating Outlook, to BBB-, Stable Rating Outlook.

The agency reports the Russian banks switched to the more conservative lending policies as early as the middle of 2008, as the western markets kept struggling with the economic downfall and it was quite obvious that the global problems were bound to affect the domestic market.

‘Most Russian banks (including URSA Bank) are trying to make their resource base less dependent upon the foreign loans and introducing greater interest rates on the home loan markets as well as growing stuffier in terms of lending,’ Rus-Rating says.

Meanwhile, both Fitch and Moody's promoted URSA Bank’s Rating Outlook from Stable to Positive after the bank had announced its upcoming merger with MDM-Bank at the end of 2008.

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