Ratings
Fitch Ratings
On September 10, 2020, Fitch Ratings revised PJSC Sovcombank's outlook to "Stable" from "Negative", while affirming the bank's Long-Term Issuer Default Ratings (IDRs) at "BB+". The outlook revision reflects reduced pressure on SCB's credit profile from the pandemic, lower oil prices and the resulting economic contraction in Russia. The ratings of SCB are driven by its intrinsic credit strength and continue to capture a record of strong performance and resilient asset quality to date, as well as a reasonable funding and liquidity profile.
S&P Ratings
On January 15, 2021, the international rating agency S&P Global Ratings revised its outlook on Sovcombank PJSC to "Positive" from "Stable"and affirmed "BB/B" long- and short-term issuer credit ratings on the bank. The agency expects, that Sovcombank can sustain an earnings buffer that is stronger than the Russian average in 2021-2022 and it will be supported by rapidly expanding buy-now-pay-later (BNPL) card business, strengthening the Bank's business position and profitability. The S&P believes, that the bank's performance was strong throughout 2020, despite pandemic-related stress, and was broadly comparable with that of higher-rated peers.
Moody's Ratings
On November 10, 2020, the international rating agency Moody's upgraded Sovcombank PJSC long-term local- and foreign-currency deposit ratings to "Ba1" with "Stable" outlook. The upgrade follows the CBR's announcement that it formally designated Sovcombank as a systemically important financial institution. The rating also reflects the bank's good loss-absorption capacity and sound asset-quality indicators, supported by good portfolio diversification and sizable exposure to high quality bonds, and good liquidity.
ACRA
On August 4, 2020 The Analytical Credit Rating Agency (ACRA) affirmed the credit rating of Sovcombank at "A+(RU)" and changed the outlook to "Positive". The change of the outlook reflects the continuing growth in the Bank’s traditional areas of development, and the increased level of universalization. In ACRA’s opinion, this may lead to a considerable strengthening of Sovcombank’s position in the Russian financial system.
Expert RA
On October 13, 2020, Expert Rating Agency upgraded Sovcombank's credit rating to "ruА+" level with "Positive" outlook. The rating upgrade is due to an increase in the scale and level of diversification of the Bank's business over the past year, while maintaining adequate asset quality. The Agency notes that the Bank has formed a significant volume of provisions against the decline in economy and restrictive measures related to COVID-19, maintaining a comfortable capital buffer, and at the end of this year it can show a financial result no worse than last year.
NCR
On December 28, 2020, the National Credit Ratings agency ("NCR") affirmed the credit rating of Sovcombank PJSC at "AA -" with a "Stable" outlook. According to analysts, the Bank's strong market position is determined by the scale of its business, since the Sovcombank's business grew significantly faster than the market in 2020: for the 9 months, the volume of assets increased by 38% according to IFRS. The Agency positively assesses the current business model of the Bank, as well as the successful experience of integration of the acquired credit institutions.