Moody’s: Societe Generale’s Russian subsidiaries to stable

Moody's Investors Service said it affirmed the Ba1 long-term global local-currency debt and deposit ratings and Ba2 long-term foreign-currency deposit ratings of JSB Rosbank, DeltaCredit Bank and Rusfinance Bank, all three of which are Russian subsidiaries of Societe Generale (SocGen; A2 stable, baseline credit assessment (BCA) baa2).

The agency also changed the outlook on these ratings to stable from negative.

Concurrently, Moody's upgraded the baseline credit assessment (BCA) of Rusfinance Bank (RFB) to ba3 from b1 and affirmed the adjusted BCA at ba1.

The BCAs and adjusted BCAs of Rosbank and DeltaCredit Bank affected by this action were affirmed at ba3 and ba1, respectively.

The agency also affirmed all three banks' long-term counterparty risk assessment of Baa3(cr), short-term CR Assessment of Prime-3(cr) and short-term deposit ratings of Not Prime.

Moody’s said the outlooks on the long-term ratings of the financial institutions affected by this action were changed to stable to reflect its view that the operating conditions for Russia's financial sector are gradually levelling-off, and the pressure on the entities' financial metrics is alleviating.

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