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Moody’s changes outlooks on ratings of 9 Russian financial institutions to positive from stable

Moody’s changes outlooks on ratings of 9 Russian financial institutions to positive from stable

Moody’s Investors Service today affirmed the ratings, baseline credit assessments (BCAs), adjusted BCAs, standalone credit profile and counterparty risk assessments (CRAs) of nine financial institutions domiciled in Russia and changed the outlook on the local and foreign-currency long term issuer and senior unsecured debt ratings, and local-currency deposit ratings to positive from stable. The rating action follows Moody’s change of outlook on Russia’s Ba1 sovereign debt rating to positive from stable on January 25, 2018.

The change in the outlook on Russia’s Ba1 government bond rating to positive from stable led to corresponding changes in the outlooks on the local currency deposit, debt, issuer and corporate family ratings of eight Russian financial institutions whose ratings benefit from potential support from the Russian government; namely, Sberbank, Bank VTB JSC, Vnesheconombank, Eximbank of Russia, Agency for Housing Mortgage Lending JSC, Russian Agricultural Bank, Gazprombank and State Transport Leasing Company PJSC. Moody’s believes that the capacity and willingness of the Russian government to assist these financial institutions remains substantially unchanged.

For the majority of the affected financial institutions, their deposit, debt, issuer and corporate family ratings are at the Russian sovereign rating level or constrained by the country ceiling. Therefore positive rating action(s) on these financial institution ratings would be driven by a higher sovereign rating or/and country ceiling.

The rating outlooks could be changed to stable if the outlook on Russia’s sovereign debt rating were to be revised to stable. The affected entities’ ratings may be downgraded if the Russian government’s capacity or propensity to render support to financial institutions were to diminish (which is not currently anticipated).