The ratings on Russia-based Ural Bank for Reconstruction and Development (UBRD) reflect the bank's high related-party exposure, its low operating efficiency and profitability, and low capitalization. These negative factors are, however, somewhat mitigated by UBRD's strengthening franchise and growth prospects in its home region of Sverdlovsk Oblast (BB-/Stable/--), supported by the fast-growing Russian economy, and the bank's stable management team. With total assets of Russian ruble (RUR) 16.3 billion ($570 million) at Sept. 30, 2005, UBRD is a midsize regional Russian bank located in the Sverdlovsk Oblast in the Ural Mountains. UBRD's credit risk is high and closely linked to the recently formed mining and metal holding company--Russian Copper Company (RCC; not rated), its major shareholder and largest borrower. RCC...
Companies mentioned in this report are: Ural Bank for Reconstruction and Development
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