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04/02/2014
19:53
Fitch Revises National Reserve Bank's Outlook to Stable; Withdraws Ratings

Fitch Ratings revised Russia-based National Reserve Bank's (NRB) Outlook to Stable from Negative and affirmed its Long-term Issuer Default Ratings (IDRs) at 'B-', the rating agency informed.

Fitch also withdrew NRB's ratings, as the bank has chosen to stop participating in the rating process. Fitch will no longer provide ratings or analytical coverage of NRB.

The revised Outlook reflects the bank's recent deleveraging further improving its loss absorption capacity, its strengthened liquidity and repayment of almost all its third-party liabilities.

The 'B-' Long-term IDRs reflect NRB's individual strength as reflected in its Viability Rating (VR) of 'b-'. The VR reflects the bank's weak corporate governance, a narrow and concentrated franchise, and high uncertainty around its future strategy. It also reflects operational risks relating to the wind-down of the business, the bank's weak asset quality and its poor profitability.

At end- 2013, the bank's equity reported under the Russian accounting standards (RAS) equalled a high 59% of its total assets. The total statutory capital adequacy ratio was 27.4%. A substantial proportion of equity (72%) was, however, tied up in weakly secured related-party loans, real-estate assets and investments.

Core profitability remains a weakness as the business's contraction has depressed earnings. A meaningful performance improvement may only result from significant, albeit gradual, cost reduction.

Liquidity pressure has been alleviated with the repayment of nearly all of the third-party liabilities, including repo facilities and customer deposits. The bank's liquidity profile is further underpinned by a fairly solid buffer of highly-liquid assets relative to the third-party deposits.

National Reserve Bank (tax number: 7703211512) established 1994 is one of the largest banks of Russia providing the whole range of modern banking services. The bank's authorized capital is was RUB 1.696 billion. Alexander Lebedev is the bank's largest shareholder who owns a controlling stake.


"AK&M", 04.02.2014 16:57

 

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