Moody’s rates Sovcombank deposits B1

Moody's Investors Service said it assigned B1 long-term and Not-Prime short-term local currency and foreign currency deposit ratings, a b1 baseline credit assessment and adjusted BCA, as well as a Ba3(cr)/NP(cr) counterparty risk assessment to Sovcombank.

All long-term deposit ratings carry a stable outlook.

Moody’s said the B1 long-term deposit ratings incorporate Sovcombank’s b1 baseline credit assessment and reflect the bank's: (a) Strong loss absorption capacity – evidenced by its high pre-provision profitability, robust capital buffers and adequate provisioning that together provide a considerable cushion to withstand potential erosion in asset quality; (b) sound asset quality indicators supported by good portfolio diversification and the bank's increased focus on large corporates with good credit profiles and Russian sub-sovereigns; (c) adequate funding and liquidity profiles; and (d) exposure to market risk.

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