Russian rating agency Expert RA has assigned a creditworthiness rating of B++ (acceptable creditworthiness) to Bank Dvizhenie (Tomsk), the lending institution’s press service reported Friday.
“The primary factor producing a positive influence on the lender’s creditworthiness is the high quality of loans due, which is underscored by the low portion of loans from 4- and 5-quality categories and the modest sum of loans overdue. Also, of a positive impact are the bank’s acceptable capital adequacy ratio and robust asset growth in 2007—2008. In addition, Expert RA analysts positively estimate the possibility of the bank to be backed by its owners," — a press release pointed out.
Alongside this, the press service emphasized that “the crucial factor capping the rating was the violation of current liquidity and long-term liquidity ratios in 2008”. Irina Velieva, head of the rating agency’s lending institutions rating service, said the bank’s current specialization in retail lending carries substantial risks under the current economic conditions. Furthermore, the agency has a negative view of the lending institution’s modest profitability under IFRS driven by the expansion of its geographical scope of operations.
According to the data from Banki.ru and news agency Interfax-CEA, as of July 1, 2008 net assets of Bank Dvizhenie stood at Rub 1.5 bln (560th place in Russia). The lending institution is a member of the national deposit insurance system.
