Ratings

Fitch Ratings

On September 20, 2019, Fitch Ratings has upgraded PJSC Sovcombank's long-term issuer default ratings to "BB+" from "BB". The outlooks are "Stable". The viability rating has been upgraded to "bb+" from "bb". The upgrade of the ratings reflects the bank's extended track record of exceptional performance, robust asset quality, strong profitability, solid liquidity and capital buffers, and Fitch's view that the operating environment in Russia has improved, which should benefit the bank's credit profile.

Category
RatingDateForecast
Long-term issuer default ratings
BB+20.09.2019Stable
Viability rating
BB+20.09.2019

S&P Ratings

On September 20, 2019, the international rating agency S&P Global Ratings raised to "BB/B" its long- and short-term foreign and local currency ratings on Sovcombank PJSC. The outlook is "Stable". The agency now consider Sovcombank to be a systemically important institution in a Russian context. The stable outlook reflects the opinion that Sovcombank will maintain its current level of capitalization and not increase its risk appetite as it follows its organic and acquisitive expansion strategy.

Category
RatingDateForecast
Credit ratings
BB/B20.09.2019Stable
SACP Score
BB−20.09.2019
Support for systemic value
+120.09.2019

Moody's Ratings

On September 30, 2019, the international rating agency Moody's upgraded Sovcombank PJSC's Baseline Credit Assessment (BCA) to "ba2" from "ba3", its long-term local- and foreign-currency deposit ratings to "Ba2" from "Ba3" with "Stable" outlook. The upgrade of long-term ratings is driven by the upgrade of its BCA which reflects Sovcombank's continued strong financial performance and strengthened risk profile in recent years, as the bank improved its business diversification, reduced exposure to market risk and improved its funding profile.

Category
RatingDateForecast
Long-term deposit ratings
Ba230.09.2019Stable
Baseline credit assessment
Ba230.09.2019

АКРА

On August 9, 2019 The Analytical Credit Rating Agency (ACRA) upgraded the credit rating of Sovcombank to "A+(RU)" with a "Stable" outlook due to a change in the market risk assessment, which led to an upgrade in the Bank’s SCA to "a". The Bank’s systemic importance for the Russian banking system is reflected in one additional notch up to its SCA.

Category
RatingDateForecast
Credit rating
A+09.08.2019Stable
Standalone creditworthiness assessment
A09.08.2019
Systemic importance
+109.08.2019

Expert RA

On October 21, 2019, Expert RA Rating Agency confirmed Sovcombank's credit rating at the level of "ruА". The outlook has been changed from "Stable" to "Positive". The outlook revision reflects Expert RA’s expectation that the Bank will keep expanding its operations organically, while maintaining its liquidity buffer at the last year’s level and ensuring that other financials do not decline, thus contributing to the rating upgrade.

Category
RatingDateForecast
Credit rating
ruA21.10.2019Positive

NCR

On December 30, 2019, the first credit rating according to the National Credit Ratings agency ("NCR") was assigned to Sovcombank PJSC at the level of "AA -" with a "Stable" outlook. The Agency positively assesses the current business model of the Bank, as well as the successful experience of integration of the acquired credit institutions. According to analysts, the Bank's strong market position is combined with moderately high business diversification and sufficient capital buffer supported by high profitability indicators and low risk appetite.

Category
RatingDateForecast
Credit rating
AA-30.12.2019Stable
Baseline creditworthiness assessment
A30.12.2019
Extraordinary support
+230.12.2019

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Fitch Ratings

S&P Ratings

Moody's Ratings

АКРА

Expert RA

NCR