Russian rating agency AK&M has affirmed its national scale credit rating of A (Sublevel 2), with a stable outlook, on Moscow-based Bank Solidarnost. As the agency noted in a press release, the A rating means that the bank is referred to the class of borrowed with high creditworthiness, i.e. the risk associated with the untimely fulfillment of the obligations is low, while the likelihood of the bank's debt being restructured or partly restructured is minimum.
Primary factors backing the bank's credit rating are its decent balance sheet items, stable profitable operation, low NPLs and its consistent interest rate policy, analysts pointed out.
Factors constraining the ratings, according to AK&M, are the high proportion of retail funds, the bank's tangible investment in mutual funds and its high dependence on the securities market.
