The Expert RA rating agency has upgraded Novikombank's credit rating to ruAA, with a stable outlook. Previously, the bank had a rating of ruA+. This indicates a high level of creditworthiness of Rostec's main bank, its financial reliability and stability.
"The rating upgrade is due to the strengthening of capital and liquidity positions, improved diversification of assets and liabilities, as well as a decrease in concentration on individual clients due to the expansion of the bank's customer base at the expense of large federal companies," the Expert RA report emphasizes.
Among the important positive factors, the agency's analysts note the bank's lending to borrowers with high credit quality, as well as the organization's significant role in financing strategic enterprises.
Novikombank provides financial and credit support to high-tech enterprises in such industries as aircraft construction, mechanical engineering, automotive, shipbuilding, electronics, transport, oil production, etc. The financial institution also supports the implementation of large-scale programs for the modernization of industrial production, the development of new technologies and products, and the launch of mass production of innovative products.
The agency's analysts note that the level of corporate governance and the organization of the risk management system correspond to the scale of Novikombank's activities and the strategic objectives set for it. "It is planned to maintain the current business model with a focus on banking services for large industrial enterprises and funding from state, regional and large corporate sources," Expert RA reports.
"This is the fourth positive rating action against Novikombank by Russian rating agencies in 10 months, which confirms the correctness of the bank's strategy approved by the main shareholder Rostec State Corporation. All previous years, marked by significant volatility and unprecedented challenges, the bank has been confidently coping with challenges. We continue to actively lend to the Russian engineering Corps and promote innovative projects. The Bank fulfills all regulatory requirements with reserve, increases its capital, ensures the payment of dividends to shareholders, which are directed to the further development of the domestic industry," commented Elena Georgieva, Chairman of the Board of Novikombank, curator of the Voronezh branch of Soyuzmash of Russia.
Expert RA is a Russian credit rating agency included in the register of credit rating agencies of the Bank of Russia. He is engaged in assigning ratings, as well as research and communication activities. The rating ratings of the Expert RA agency, among other things, affect the admission of financial organizations and issuers to certain types of activities.
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