Ratings

Fitch Ratings

On September 10, 2020, Fitch Ratings revised PJSC Sovcombank's outlook to "Stable" from "Negative", while affirming the bank's Long-Term Issuer Default Ratings (IDRs) at "BB+". The outlook revision reflects reduced pressure on SCB's credit profile from the pandemic, lower oil prices and the resulting economic contraction in Russia. The ratings of SCB are driven by its intrinsic credit strength and continue to capture a record of strong performance and resilient asset quality to date, as well as a reasonable funding and liquidity profile.

Category
RatingDateForecast
Long-term issuer default ratings
BB+10.09.2020Stable
Viability rating
BB+10.09.2020

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 long-term local- and foreign-currency deposit ratings to "Ba2" with "Stable" outlook. The upgrade is driven by the upgrade of its BCA to ba2 from ba3 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

ACRA

On August 4, 2020 The Analytical Credit Rating Agency (ACRA) affirmed the credit rating of Sovcombank at "A+(RU)" and changed the outlook to "Positive". The change of the outlook reflects the continuing growth in the Bank’s traditional areas of development, and the increased level of universalization. In ACRA’s opinion, this may lead to a considerable strengthening of Sovcombank’s position in the Russian financial system.

Category
RatingDateForecast
Credit rating
A+04.08.2020Positive
Standalone creditworthiness assessment
A04.08.2020
Systemic importance
+104.08.2020

Expert RA

On October 13, 2020, Expert Rating Agency upgraded Sovcombank's credit rating to "ruА+" level with "Positive" outlook. The rating upgrade is due to an increase in the scale and level of diversification of the Bank's business over the past year, while maintaining adequate asset quality. The Agency notes that the Bank has formed a significant volume of provisions against the decline in economy and restrictive measures related to COVID-19, maintaining a comfortable capital buffer, and at the end of this year it can show a financial result no worse than last year.

Category
RatingDateForecast
Credit rating
ruA+13.10.2020Positive

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