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B&N BANK News

22 September 2017

Standard & Poor’s affirms B&N Bank’s credit rating, places it on CreditWatch ‘developing’

Standard & Poor’s (S&P) has affirmed B&N Bank’s credit rating at ‘B’, whilst placing it on CreditWatch with developing implications following announcement by the Central Bank of measures to support the Bank’s financial stability, including the provision of liquidity support and the introduction of a temporary administration.

As S&P notes in its press release, the agency expects that the liquidity line and other measures by the Central Bank of Russia (CBR) will “help stabilize customer confidence”.

The rating agency continues to view B&N Bank as having moderate systemic importance to the Russian financial system, “due to the bank's still-notable market share, particularly in terms of its share of retail deposits as well as the support measures CBR announced.”

Going forward, S&P notes that marked improvement in the bank's stand-alone credit quality, owing to the CBR's measures, could be grounds for an upgrade of the Bank’s credit rating: “This could happen due to improvement of the Bank's capitalization and risk position that might be driven by substantial reduction in B&N Bank's exposure to Rost Bank.”

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