Standard & Poor’s confirmed the rating of IBSP Bank at “B” level

04.06.2014

Standard & Poor’s International Rating Agency published the press-release about revision of the forecast to decrease the rating of 19 Russian banks. Previously in April, Standard & Poor’s Rating Agency decreased the sovereign rating of Russia, the ratings of Moscow and Saint-Petersburg, as well as the ratings of a range of the largest companies and banks.

Assessment of economic and sector risk tendencies of the Russian banking sector made by Standard & Poor’s agency caused revision of forecast for the banks. Among the reasons for decreasing the forecast, the rating agency mentions geopolitical risks and the conflict with Ukraine.

Long-term credit rating of IBSP Bank is confirmed at “В” level according the international scale, at “ruBBB+” level at the national scale; as in respect of other banks, the forecast was changed from “Stable” to “Negative”.

“From the beginning of 2014, the dynamics of key indicators of IBSP Bank is the evidence of sustainable growth of the business: the bank’s assets have increased by 7%, the advances portfolio has increased by 20%. In this connection, we keep the conservative approach to credit risk management and focus our activity on service of stable large and middle-sized corporate clients.

At the same time, decrease of the rating of the country and subordinate entities of the Federation could not but have an impact on the ratings of Russian companies. First of all, it affected a range of banks of top 20 with the rating at the sovereign rating level.

From our point of view, in some cases revision of forecasts and ratings is based currently not on the fundamental assessment of the economic status, but on assessment of possible perspectives of development grounded in the current geopolitical situation.

Despite of the specified tendency, we keep our ratings at the same high level. And we are sure in our positive forecast of development,” Aleksandr Fadeev, Chairman of the Board of IBSP Bank mentioned.

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