Moody’s ups Investment Trade Bank

Moody's Investors Service said it upgraded Investment Trade Bank's long-term global local and foreign currency deposit ratings to Caa3 from Ca and assigned a stable outlook to these ratings.

The agency also affirmed the bank's Not Prime short-term local and foreign currency deposit ratings, and confirmed the baseline credit assessment and adjusted baseline credit assessment of ca.

In addition, Moody's upgraded Investment Trade Bank's long-term counterparty risk assessment (CR Assessment) to Caa2(cr) from Caa3(cr) and affirmed the short-term CR Assessment of Not Prime(cr).

At the same time, Moody's Interfax Rating Agency upgraded the national scale long-term deposit rating to Caa1.ru from Ca.ru. The national scale rating carries no specific outlook.

Moody’s said the actions complete the review with direction uncertain initiated on Aug. 28 when it downgraded the bank's long-term ratings from Caa3 to Ca and placed them on review following the uncertainty as a result of the Central Bank of Russia's (CBR) announcement that the state Deposit Insurance Agency (DIA) had taken Investment Trade Bank into temporary administration.

The upgrade of the global local and foreign currency deposit ratings to Caa3 from Ca reflects the one notch uplift from the bank’s baseline credit assessment. This is a result of the moderate degree of government support incorporated by the rating agency in the bank's ratings, taking into consideration the substantial magnitude of the financial support channeled from the DIA to the bank either directly or via Transkapitalbank.

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