Russian rating agency RAEX (Expert RA) has lowered its outlook for Bank Aspect's credit rating from stable to negative, which means a higher probability of a rating downgrade over the medium term. The bank's rating was affirmed at В++ (satisfactory creditworthiness).
The rating outlook was reduced due to higher regulatory risks, as the agency thinks, for the bank, which resulted in higher turnover on client accounts, statutory thresholds of the ratios were exceeded, and the fact that this year the regulator paid close attention to a number of client operations, the bank's capital breakdown and property reassessment.
The agency also pointed to the deteriorating credit portfolio quality in January – August 2015, with NPLs (6.9% of the portfolio) turning up, while loans of the 3rd – 5th quality categories climbed 35% to account for 24.9% of the credit portfolio as of September 1. A contraction in the coverage of off-balance sheet obligations with highly liquid assets below 20% as of separate balance sheet data is also viewed as a negative. Taking into account potential growth of the portfolio of bank guarantees to have its rating affirmed the bank will have to bump up liquid assets symmetrically.
The lender's rating is supported by the sufficient capital adequacy ratio, and acceptable coverage of the credit portfolio. The bank continues to deliver high rates of return. The rating is also positively affected by a hefty liquidity cushion that is backed by a portfolio of liquid bonds issued by major Russian banks.
