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Standard & Poor's to demote Home Credit & Finance Bank if liquidity drops

The international rating agency confirmed OOO Home Credit & Finance Bank’s long-term and short-term contractor credit ratings at B+ and B, respectively. The Rating Outlook is still Negative.

‘The fact that we affirmed the ratings means we believe Home Credit & Finance Bank’s commercial activity indicators went up and its financial development indicators have remained stable. We also feel the bank managed to keep up with high market capitalization,’ Standard & Poor's credit analyst Viktor Nikolskiy reports.

At the same time, the trying conditions of working on Russia’s highly risk-prone consumer lending market and the bank’s decreasing but still considerable dependence on the capital markets prevent Home Credit & Finance Bank from having its ratings promoted any further.

The Negative Rating Outlook reflects the continuing impact of the unfavorable operating environment on Home Credit & Finance Bank’s activity in Russia. Standard & Poor's is also worried about the way the bank’s strategy is implemented: this can now lead to worsened operating results. Besides, the rating agency has some concerns over the bank’s debt refinancing needs juxtaposed with the extremely complicated situation on the global debt markets.
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