Moody's rates International Financial Club bonds Baa1.ru

Moody's Interfax Rating Agency said it upgraded International Financial Club's national scale rating to Baa1.ru from Baa2.ru and assigned a Baa1.ru national scale debt rating to its RUB 1.5 billion of senior bond due 2016.

The agency said the upgrade was prompted by the bank's improved profitability and operating efficiency that now provide a better loss absorption capacity and its still good asset quality metrics despite the seasoning of the loan book following the rapid loan book growth.

At the same time, International Financial Club has high single-name concentrations both in loans and deposits, still modest capital adequacy metrics and limited business diversification, Moody's said.

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