Moody’s ups Tinkoff ratings

Moody's Investors Service said it upgraded the long-term foreign and local currency deposit ratings and senior unsecured local currency debt rating of Tinkoff Bank to Ba3 from B1.

The agency also upgraded the bank's long-term counterparty risk assessment to Ba2(cr) from Ba3(cr), its local and foreign currency counterparty risk ratings to Ba2 from Ba3, and the baseline credit assessment and adjusted baseline credit assessment to ba3 from b1.

The outlook remains stable.

Additionally, Moody's affirmed Tinkoff's short-term deposit ratings and short-term counterparty risk ratings at Not Prime and the short-term counterparty risk assessment at Not Prime(cr).

The agency said the action was driven by the bank's demonstrated resilience to economic and credit cycles as reflected in a sustained track record of strong profitability, sound control over credit risks, robust loss absorption capacity as well as a solid liquidity cushion supported by short duration of assets and low reliance on wholesale funding.

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