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Research Update: Russian Rosbank L-T CCR Raised To 'BB-'; S-T And NSR 'B/ruAA-' Ratings Affirmed; Outlook Pos Sep 07 Product Image

Research Update: Russian Rosbank L-T CCR Raised To 'BB-'; S-T And NSR 'B/ruAA-' Ratings Affirmed; Outlook Pos Sep 07

  • Published: September 2007
  • Standard & Poors

FEATURED COMPANIES

  • Rosbank OJSC JSCB
  • Societe Generale
  • MORE

Abstract
On Sept. 5, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Russian Rosbank OJSC to 'BB-' from 'B+'. At the same time, the 'B' short-term counterparty credit and 'ruAA-' Russian national scale ratings were affirmed. The outlook remains positive. The upgrade reflects Rosbank's improving commercial and financial profile. Support from minority shareholder French group Société Générale (SocGen; AA/Stable/A-1+), Rosbank's granular loan portfolio, and our expectation of higher core profitability in the medium term support the bank's current ratings. The bank's sizable concentration in funding, challenges in managing an extensive distribution network, and the high level of competition pressuring the margins constrain the ratings. With total assets of $10.5 billion at March 31, 2007, Rosbank is...

Companies mentioned in this report are:
- Rosbank OJSC JSCB
- Societe Generale

Action: Affirmed
Action: Upgraded

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- Rosbank OJSC JSCB
- Societe Generale

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