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Bank VTB 24 May 09
Standard & Poors, May 2009
Abstract
Benefits from financial support by being a core subsidiary of JSC Bank VTB Adequate liquidity and funding, supported by both the state and the parent to maintain its high profile in the domestic retail market Good franchise and market share in the Russian retail market Significantly increased systemic risks and difficult operating environment, due to the sharp slowdown in the global economy Escalating credit risks in retail and SME lending, accentuated by rapid lending expansion in recent years Funding base vulnerable to panic-driven depositor behavior Weakened capitalization, further stressed by accumulating risks The ratings on Russia-based Bank VTB 24 reflect its core status as a wholly owned entity within state-owned JSC VTB Bank (VTB; BBB/Negative/A-3). The ratings also reflect the...
Companies mentioned in this report are: Bank VTB 24,Russian Federation,JSC VTB Bank,VTB Capital S.A.,Russian Bank for Development,Vnesheconombank,VTB-Leasing,VTB-Leasing Finance,Agency for Housing Mortgage Lending OJSC
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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