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Bank VTB 24 Oct 07
Standard & Poors, Oct 2007
Abstract
Core subsidiary of Bank VTB Strengthening commercial performance Reduced single-name concentrations Improved capitalization High credit risks typical for retail and SME lending Risky operating environment High expansion costs constraining bottom-line results Remaining restructuring and cultural transformation challenges The ratings on Russia-based Bank VTB 24 (VTB 24) reflect its core group status as a wholly owned entity within state-owned Bank VTB (BBB+/Stable/A-2), strengthening commercial performance, reduced single-name concentrations, and improved capitalization. The ratings are constrained by risks stemming from retail and small and midsize enterprise (SME) lending in a still-fragile operating environment, as well as high expansion costs that continue to constrain bottom-line results and remaining restructuring and cultural transformation challenges. The ratings on VTB 24 are equalized with those on...
Companies mentioned in this report are: Bank VTB 24,Russian Federation,JSC VTB Bank,Russian Bank for Development,Vnesheconombank,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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