Новости рынков | Moody's понизило рейтинги Сбербанка и ВЭБ

Specifically, today Moody's downgraded the supported senior unsecured debt, local-currency deposit and issuer ratings of the three government-owned Russian financial institutions that are rated at the same level as the Russian sovereign due to government support assumptions. The affected ratings remain on review for downgrade because of (1) the review for downgrade of the sovereign debt rating; and (2) the considerations that Moody's stated in a rating action last month on Russian financial institutions, regarding the significant funding, asset quality and profitability pressures that they now face as a result of Russia's challenging operating environment for the medium term (see «Moody's reviews for downgrade ratings of 16 Russian financial institutions» 23 December 2014).

RATINGS RATIONALE

The weakening of Russia's credit profile has prompted the rating actions on the three financial institutions that are rated at the same level as the government bond rating. While Moody's considers that the Russian government will remain willing to assist these entities in the event of need, its capacity to do so has declined, as expressed by the downgrade of the government debt rating to Baa3 from Baa2 with a further review for downgrade.

WHAT COULD MOVE THE RATINGS UP/DOWN

The key drivers of today's actions relate to the weakening of the sovereign credit profile, as reflected in the downgrade of Russia's government bond rating. Therefore, Moody's considers that upward pressure on the supported ratings of the three Russian financial institutions is unlikely in the near term.

As expressed by the review for downgrade on the long-term ratings, the three Russian financial institutions' ratings could be downgraded further in the event of any further downgrade of the government bond rating. Downward adjustments could also be triggered by an erosion of the banks' standalone credit profiles.

List of affected ratings

Issuer: Agency for Housing Mortgage Lending OJSC

… Long-term Issuer Ratings, Downgraded to Baa3 from Baa2 RUR; Placed Under Review for further downgrade

… Short-term Issuer Ratings, Downgraded to P-3 from P-2; Placed Under Review for further downgrade

… Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from Baa2 RUR; Placed Under Review for further downgrade

… Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from Baa2 RUR; Placed Under Review for further downgrade

Issuer: Sberbank

… Long-term Deposit Rating (Local Currency), Downgraded to Baa3 from Baa2 RUR; Placed Under Review for further downgrade

… Short-term Deposit Rating (Local Currency), Downgraded to P-3 from P-2; Placed Under Review for further Downgrade

… Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from Baa2 RUR; Placed Under Review for further downgrade

… Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from Baa2 RUR; Placed Under Review for further downgrade

… Backed Senior Unsecured Medium-Term Note Program, Downgraded to (P)Baa3 from (P)Baa2; Placed Under Review for further Downgrade

… Backed Short-term Program, Downgraded to (P)P-3 from (P)P-2; Placed Under Review for further Downgrade

Issuer: Vnesheconombank

… Long-term Issuer Ratings, Downgraded to Baa3 from Baa2 RUR; Placed Under Review for further downgrade

… Short-term Issuer Ratings, Downgraded to P-3 from P-2; Placed Under Review for further downgrade