Largest Credit Rating Agency in Russia Affirmed Otkritie Bank Rating

The Expert RA largest credit rating agency accredited by the Bank of Russia announced that it has affirmed the credit rating of Otkritie Bank at ruAA- with a positive outlook. The bank’s rating is approved due to a moderately high assessment of market positions, a comfortable capital position with acceptable operating efficiency, adequate liquidity cushion, acceptable assessment of corporate governance, and asset quality. 

It is noted that a moderately high assessment of the market positions of Otkritie Bank is due to the wide geography and scale of its business, which is growing faster than the market. In particular, the bank’s assets grew by 23 per cent in January-August 2020 compared to the same period in 2019, against 12 per cent on average in the market. The bank’s share in corporate lending over the past 12 months has grown from 2.1 per cent to 2.8 per cent, and in retail from 1.6 per cent to 2.2 per cent.

It is also specified that as of September 1, 2020, the level of coverage of attracted funds with highly liquid assets in the bank was 22 per cent, and coverage with liquid assets was 32 per cent. It is stated that the positive outlook implies a high likelihood of a rating upgrade in the medium term.

Ru-Main, 22.10.2020 

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