On September 20, 2019, Fitch Ratings has upgraded PJSC Sovcombank's Long-Term Issuer Default Ratings (IDRs) to 'BB+' from 'BB'. The Outlooks are Stable. The Viability Rating (VR) has been upgraded to 'bb+' from 'bb'. The agency has also assigned SovCom Capital DAC's upcoming issue of US dollar-denominated subordinated Tier 2 bonds an expected long-term rating of 'BB(EXP)'. The upgrade of the IDRs and VR 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.
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 JSC. 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.
On March 23, 2018, the international rating agency Moody's confirmed the long-term and short-term deposit ratings of Sovcombank in connection with the forthcoming bank deal with Rosevrobank, which was announced on March 13. Agency analysts positively evaluated the deal, stressing that the business models of banks complement each other well. Sovcombank's assets will increase by 30% at the expense of Rosevrobank corporate loans. The funding structure of Sovcombank will be more balanced between retail and corporate deposits, with less dependence on interbank lending.
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.
On May 24, 2019, RAEX Rating Agency (Expert RA) confirmed Sovcombank's credit rating at the level of "ruА" with a "stable" outlook. The rating is positively influenced by moderately high probability of financial and administrative support from the Federal authorities in case of emergency due to the scale of business and the structure of deposits of the Bank.