Moody’s: ING Bank Eurasia view to stable

Moody's Investors Service said it changed the outlook on the Baa3 local currency long-term deposit rating and Ba2 foreign currency long-term deposit rating of ING Bank Eurasia to stable from negative.

The long-term deposit ratings, Prime-3 local currency short-term and Not-Prime foreign currency short-term deposit ratings were affirmed.

The action was driven by the bank's resilience to current pressures stemming from the volatile operating environment in Russia.

The ba3 standalone baseline credit assessment (BCA), baa3 adjusted BCA and Baa3(cr)/P-3(cr) counterparty risk assessment were not affected by this action.

Since the beginning of 2015, Moody’s said ING Bank Eurasia's credit metrics have demonstrated resilience to challenges stemming from the currently adverse operating environment for the Russian banking system, particularly the continuing economic recession and volatility in the Russian financial markets.

The bank's lending policies have remained conservative, with only moderate growth in its gross loan portfolio during 2015, while its capital position has been solid, as reflected in its regulatory capital adequacy ratio (CAR) of 21.5% as of Nov. 1, 2015, calculated under Russian accounting standards.

Moody's noted that the bank's CAR compares favorably with most other Russian banks and considers it to be sufficient to absorb potential risks.

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