Standard & Poor's Ratings Services has assigned its BBB/A-2 long-and-short-term counterparty credit ratings and its ruAAA Russia national scale rating to Russia's Bank of Moscow, noting that its outlook is stable.
S&P said it based its ratings on the bank's status as a "core" subsidiary of VTB Bank JSC because VTB owns 95.5 percent of Bank of Moscow, which is an integral part of VTB's franchise in Russia.
The stand-alone credit profile for Bank of Moscow is 'b+,' reflecting S&P's 'bb' anchor for a commercial bank operating only in Russia, and the bank's "adequate" business position, "adequate" capital and earnings, "weak" risk position, "average" funding and "adequate" liquidity.
"Our issuer credit rating on BoM consequently incorporates five notches of uplift above BoM's SACP, reflecting the almost certain likelihood that VTB would support BoM if needed," S&P said.
With total assets of approximately $43 billion as of June 30, the Bank of Moscow ranks among the five largest banks in Russia. It has a corporate, midsize business and retail client base with a stronger corporate focus. The bank has a market share of approximately 3 percent of total system wide assets and 1.3 percent of retail deposits.
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