Russian rating agency Expert RA has affirmed Nota-Bank's creditworthiness rating of A+ (very high creditworthiness, Sublevel 1). The rating outlook was cut from positive to stable, which means the strong likelihood of the rating being held at this level in the medium term.
The agency believes that the key factor, which caused the revision of the rating outlook, is a decline in property-backed collateral. As Expert RA specified, from September 1, 2014 through February 1, 2015 the indicator decreased 7% to 33%.
The rating agency's analysts think that the current credit portfolio coverage ratio could dampen borrowers' payment discipline and reduces the possibility of covering potential losses if the credit risk pans out, which will be a hurdle for a rating upgrade in the mid-term outlook.
