Moody’s ups Metallinvestbank

Moody's Investors Service said it upgraded Metallinvestbank JSCB’s long-term local- and foreign-currency deposit ratings to B1 from B2.

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

Moody's also upgraded Metallinvestbank's long-term counterparty risk assessment to Ba3(cr) from B1(cr) and affirmed its short-term counterparty risk assessment of Not Prime(cr).

Moody's said the upgrade reflects: (a) The demonstrated resilience of Metallinvestbank's solvency metrics to the low economic cycles in Russia; (b) its consistently improving asset quality metrics, which support the bank's profitability and capital adequacy; and (c) Metallinvestbank's stable funding profile and conservative liquidity management.

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