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Research Update: Russian ZAO UniCredit Bank Ratings Affirmed At 'BBB/A-3' On Bank Criteria Change; Outlook Stable Dec 11 Product Image

Research Update: Russian ZAO UniCredit Bank Ratings Affirmed At 'BBB/A-3' On Bank Criteria Change; Outlook Stable Dec 11

  • ID: 2030778
  • December 2011
  • Region: Russia
  • Standard & Poors

Abstract
Following a review of ZAO UniCredit Bank under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our long- and short-term ratings on ZAO UniCredit Bank at 'BBB/A-3'. The outlook is stable. The ratings reflect our view that ZAO UniCredit Bank is a highly strategic subsidiary of UniCredit group, resulting in a long-term rating one notch below that on its parent, subject to a cap at the level of the Russian sovereign foreign currency rating. The bank's stand-alone credit profile reflects our 'bb' anchor for a commercial bank operating only in Russia, the bank's strong business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity. The stable outlook reflects that of...

Companies mentioned in this report are:
- ZAO UniCredit Bank

Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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