Moody's has affirmed the credit rating of the Credit Bank of Moscow at 'Ba3' with a stable outlook, the bank informed.
The agency's analysts noted a significant reduction in the percentage of potentially problem loans from in relation to TCE (tangible common equity) from 73% as of 1H17 to 30% as of 1H20.
Moody's expects that despite the overall decline in the Russian economy in the next 12-18 months, the Credit Bank of Moscow will be able to generate significant profit and demonstrate a positive financial result in 2020 and 2021. The rating agency also emphasized the systemic importance of the Credit Bank of Moscow for the Russian economy.
Credit Bank of Moscow (PJSC) (CBM, tax number: 7734202860) was established 1992. The bank's ultimate beneficial owner is Rossium Concern's founder Roman Avdeev.
