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Research Update: Russia-Based OTKRITIE Bank Ratings Affirmed At 'B-/C' On Bank Criteria Change; Outlook Positive Dec 11
Standard & Poors, December 2011
Following a review of OTKRITIE Bank under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our ratings on the bank at 'B-/C' and its Russia national scale rating at 'ruBBB+'. The outlook is positive. Our ratings on OTKRITIE Bank reflect the 'bb' anchor for a commercial bank operating only in Russia and our assessment of the bank's weak business position, weak capital and earnings, moderate risk position, average funding, and adequate liquidity. Our positive outlook reflects the increasing likelihood that the operational and integration risks of the recently acquired banks will ease. We also expect its risk management and corporate governance practices to improve further. As we previously announced, on Dec. 15, 2011, Standard...
Companies mentioned in this report are: OTKRITIE Bank
Action: Outlook: Positive
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.