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Bank VTB 24 May 08
Standard & Poors, May 2008
Abstract
Core subsidiary of Bank VTB Strengthening commercial performance and profitability Limited single-name concentration Adequate financial flexibility and capitalization Risky operating environment High credit risks typical for retail and SME lending, partly mitigated by the focus on collateralized lending High expansion costs constraining bottom-line results Challenges to manage growth The ratings on Russia-based Bank VTB 24 (VTB 24) reflect its core status as a wholly owned entity within state-owned Bank VTB (VTB, BBB+/Stable/A-2). The ratings also reflect VTB 24's strengthening commercial performance and profitability, limited single-name concentration, and adequate financial flexibility and capitalization. These positive factors are offset by the high inherent risks stemming from consumer and small and midsize enterprise (SME) lending in a still-fragile operating environment, high expansion costs...
Companies mentioned in this report are: Bank VTB 24,JSC VTB Bank,VTB-Leasing
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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