Moody’s changes Tinkoff Bank to stable

Moody's Investors Service said it changed the outlook on the B2 local currency long-term debt and B2 local and foreign currency long-term deposit ratings of Tinkoff Bank to stable from negative.

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

Moody’s said the action was driven by the bank's resilience to current pressures stemming from the challenging operating environment in Russia.

Tinkoff’s standalone baseline credit assessment (BCA) of b2, adjusted BCA of b2 and counterparty risk (CR) assessment of B1(cr)/Not-Prime (cr) were affirmed as part of this action.

Moody’s said the outlook change was largely driven by the: (a) Robust profitability and asset quality metrics throughout 2015 despite the high interest rate environment; and (b) stabilization of credit costs, which peaked in the first quarter of 2015.

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