Russian rating agency RusRating has upgraded its national scale credit ratings on Bank FC Otkritie, and also on Khanty-Mansiysk Otkritie Bank from AA to AA+, and international credit ratings from BBB to BBB+, with a stable outlook, the agency said on its website.
The rating actions came after completion of primary stages of the banks' integration into the assets of financial group Otkritie, substantial strengthening of their market positions, higher lobbying of the banks' interests in the business and political circles, the agency noted in press releases.
For Bank FC Otkritie, rating-substantiating factors are its strong and stable market positions nationwide in the segments that it covers, ownership support of the bank, stable clientele, lobbying by the bank's owners of its interests in business and political circles. For Khanty-Mansiysk Otkritie Bank, such factors are its backbone nature for the Khanty-Mansiysky Autonomous District — Yugra, its financially strong owners and operation within a large banking group, and also strong market positions nationwide.
RusRating noted that constraints for Bank FC Otkritie are weaker financial performance due to tough macroeconomic conditions, high credit risks, and those for Khanty-Mansiysk Otkritie Bank are poor transparency of non-banking business of its controlling shareholders, the moderately fulfilled potential of a backbone bank and weak key performance indicators.
The ratings are non-contact, i.e. were assigned at the initiative of the agency without entering into any agreements with rated companies, RusRating said on its website.
