The credit ratings service at international rating agency Standard & Poor's (S&P) left on Credit Watch Negative its long-term counterparty credit ratings of BB-, national scale ratings of ruAA- on Bank FC Otkritie and its long-term counterparty credit rating of В+ and national scale rating of ruA on its major subsidiary, Khanty-Mansiysk Otkritie Bank.
Short-term credit ratings of both banks were confirmed at B.
As S&P noted, the banks' ratings were left on Credit Watch because, as the agency thinks, Bank FC Otkritie is exposed to the risks associated with uncertainty regarding plans to fold National Bank Trust, which was recently provided with financial aid, into Otkritie Group.
The agency plans to remove the banks' ratings from Credit Watch over the next three months when the Bank of Russia, DIA and Otkritie Holding wrap up the development of a comprehensive financial aid program for National Bank Trust. The agency also expects that by this time it will have more information on the potential impact of integration and capital consolidation on indicators of Bank FC Otkritie, Khanty-Mansiysk Otkritie Bank and their parent company, Otkritie Holding, the agency noted in a press release.
