Fitch confirms Rosbank country-level rating with a "stable" outlook
- 14 December
Fitch Ratings has confirmed the long-term issuer default rating (IDR) of Rosbank at the level of sovereign "BBB", the outlook on the ratings is "stable". Short-term IDR confirmed at "F2", support rating confirmed at "2", stability rating at "bbb -".
The confirmation of the bank's rating at the national level reflects Fitch's view that Rosbank is among the issuers with the strongest credit capacity in Russia. The bank's IDR and support rating are supported by the potential support that the credit institution can receive from its shareholders. The ultimate owner of Rosbank is Societe Generale S. A. ("SG", "A-"/ forecast "Stable" / " a -", SG owns 99.95% in Rosbank).
The "bbb-" viability rating of Rosbank reflects the high quality of assets and levels of capitalization and liquidity, as well as a conservative risk appetite and high quality of management, due, among other things, to the close integration of Rosbank with the parent group Societe Generale.
The negative impact of the coronavirus pandemic and the associated slowdown in economic activity in Russia on the bank's financial profile was manageable and resulted in only a moderate increase in the cost of risk. According to Fitch, Rosbank's sustainability assessment is able to withstand additional pressure on asset quality, given a strong capital buffer and an adequate profit before provisioning.
You can find the full text of the Fitch press release by following the link.
Rosbank has also been assigned the highest credit ratings of the Russian rating agencies ACRA and RAEX (Expert RA) at the level of AAA (RU) and ruAAA, respectively, with a stable outlook, and Moody's at the level of Baa3 (long-term deposit rating) with a stable outlook.