Moody’s ups Sovcombank ratings

Moody's Investors Service said it upgraded Sovcombank PJSC's baseline credit assessment and adjusted BCA to ba2 from ba3, its long-term local- and foreign-currency deposit ratings to Ba2 from Ba3, its long-term counterparty risk ratings to Ba1 from Ba2 and its long-term counterparty risk assessment to Ba1(cr) from Ba2(cr).

The agency also affirmed the bank's short-term local and foreign-currency deposit ratings and short-term counterparty risk assessment of Not Prime and its short-term counterparty risk assessment of Not Prime (cr).

The outlook is stable.

“The upgrade of Sovcombank's long-term deposit ratings to Ba2 from Ba3 is driven by the upgrade of its BCA to ba2 from ba3 which reflects Sovcombank's continued strong financial performance and strengthened risk profile in recent years, as the bank improved its business diversification, reduced exposure to market risk and improved its funding profile,” the agency said in a news release.

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