Ratings

Fitch Ratings

On September 20, 2019, Fitch Ratings has upgraded PJSC Sovcombank's long-term issuer default ratings to "BB+" from "BB". The viability rating has been upgraded to "bb+" from "bb". The upgrade of the ratings reflects the bank's extended track record of exceptional performance, robust asset quality, strong profitability, solid liquidity and capital buffers. On April 7, 2020, Fitch Ratings revised 15 Russian banks' outlooks to "Negative" on coronavirus disruption and oil price slump.

Category
RatingDateForecast
Long-term issuer default ratings
BB+07.04.2020Negative
Viability rating
BB+07.04.2020

S&P Ratings

On September 20, 2019, the international rating agency S&P Global Ratings raised to "BB/B" its long- and short-term foreign and local currency ratings on Sovcombank PJSC. The outlook is "Stable". The agency now consider Sovcombank to be a systemically important institution in a Russian context. The stable outlook reflects the opinion that Sovcombank will maintain its current level of capitalization and not increase its risk appetite as it follows its organic and acquisitive expansion strategy.

Category
RatingDateForecast
Credit ratings
BB/B21.05.2020Stable
SACP Score
BB−21.05.2020
Support for systemic value
+121.05.2020

Moody's Ratings

On April 13, 2020, the international rating agency Moody's assigned "Ba2" long-term local- and foreign-currency deposit ratings with "Stable" outlook to Sovcombank PJSC. The ratings are based solely on Bank's "ba2" Baseline Credit Assessment (BCA). The BCA reflects Sovcombank’s strong loss-absorption capacity, illustrated by its high pre-provision profitability, robust capital buffers and adequate provisioning, sound asset-quality indicators, supported by good portfolio diversification and an increased portion of secured retail loans, and strengthened funding base and good liquidity.

Category
RatingDateForecast
Long-term deposit ratings
Ba213.04.2020Stable
Baseline credit assessment
Ba213.04.2020

ACRA

On August 9, 2019 The Analytical Credit Rating Agency (ACRA) upgraded the credit rating of Sovcombank to "A+(RU)" with a "Stable" outlook due to a change in the market risk assessment, which led to an upgrade in the Bank’s SCA to "a". The Bank’s systemic importance for the Russian banking system is reflected in one additional notch up to its SCA.

Category
RatingDateForecast
Credit rating
A+09.08.2019Stable
Standalone creditworthiness assessment
A09.08.2019
Systemic importance
+109.08.2019

Expert RA

On May 26, 2020, Expert Rating Agency confirmed Sovcombank's credit rating at the level of "ruА" with "Positive" outlook. The Bank's rating is based on strong market positions and high quality of management, adequate assessement of asset quality and capital adequacy level, as well as a comfortable liquid position. The outlook reflects a high margin of safety, which will allow the Bank to scale up its business during the period of economic recovery.

Category
RatingDateForecast
Credit rating
ruA26.05.2020Positive

NCR

On December 30, 2019, the first credit rating according to the National Credit Ratings agency ("NCR") was assigned to Sovcombank PJSC at the level of "AA -" with a "Stable" outlook. The Agency positively assesses the current business model of the Bank, as well as the successful experience of integration of the acquired credit institutions. According to analysts, the Bank's strong market position is combined with moderately high business diversification and sufficient capital buffer supported by high profitability indicators and low risk appetite.

Category
RatingDateForecast
Credit rating
AA-27.01.2020Stable
Baseline creditworthiness assessment
A27.01.2020
Extraordinary support
+227.01.2020