International rating agency Standard & Poor's has affirmed its long-term and short-term foreign currency and local currency counterparty credit ratings on Bank Intercommerz on B-/С». The outlook for the ratings is negative.
The agency also affirmed the lender's national scale rating at ruBBB-.
Bank Intercommerz's capitalization indicators would remain weak in the next 12-18 months due to the pressure from much faster expansion of its credit portfolio than the banking sector average, escalating economic risks and moderate support via an expected capital injection on the part of its owners, the agency said in a press release.
Analysts pointed out that the assessment of Bank Intercommerz's business positions as moderate reflects its expanding market share and expectations of S&P that the bank's corporate governance would continue to improve in 2015, and also better clarity and transparency of its ownership structure.
The long-term rating reflects the bank's base rating of bb-, which is based on the assessment of the Russian banking system's economic and sectoral risks.
The negative rating outlook reflects S&P's opinion that negative trends in economic and sectoral risks for Russian lending institutions might deteriorate Bank Intercommerz's credit quality, in particular its liquidity and capitalization indicators. The outlook could be raised to stable if operating conditions in Russia improve, but the agency believes that any positive rating action is unlikely in the current conditions, S&P said in a conclusion.
