Moody’s lifts Tinkoff Bank to B1

Moody's Investors Service said it upgraded Tinkoff Bank's long-term local- and foreign-currency deposit ratings and local-currency senior unsecured debt ratings to B1 from B2.

The outlook on the long-term deposit and senior unsecured debt ratings was changed to stable from positive.

Concurrently, the agency upgraded the bank's baseline credit assessment (BCA) and adjusted BCA to b1 from b2, the subordinated foreign-currency debt rating to B2 from B3, and the long-term counterparty risk assessment to Ba3(cr) from B1(cr). The local- and foreign-currency short-term deposit ratings were affirmed at Not-Prime, and the short-term counterparty risk assessment at Not-Prime(cr).

Moody’s said the action primarily reflects Tinkoff Bank's resilient credit metrics through the credit cycle owing to its more sustainable business model when compared to most consumer lenders in Russia.

The agency expects the bank will report strong financial results in the next 12 to 18 months along with robust capital and liquidity cushions.

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