Moody's upgrades Impexbank

Moody's Investors Service said it upgraded Impexbank's long- and short-term foreign currency bank deposit ratings to Baa2/Prime-2 from B1/Not-Prime, and the bank's foreign currency senior unsecured debt rating to A3 from B1.

Moody's said the bank's Baa2/Prime-2 long- and short-term foreign currency deposit ratings are now constrained by Russia's country ceiling for such deposits, while the bank's bonds issued under foreign law may pierce the Baa2 sovereign ceiling for foreign currency-denominated bonds.

The outlook for the bank's deposits and debt has been changed to stable from positive. The E+ financial strength rating has been affirmed, and the outlook remains positive.

The rating agency said that, following the results of the annual review meeting, Impexbank's E+ financial strength rating could be upgraded.

In Moody's opinion, the entry of the new sophisticated strategic shareholder is expected to help the bank to improve its corporate governance, risk management and financial fundamentals.

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