Standard & Poor’s raised its long-term credit rating for Raiffeisenbank from ÂÂÂ- to BÂÂ, confirming its short-term rating for the Bank of A-3 and its national scale rating of ruAAA (forecast stable).
According to S&P, Raiffeisenbank’s operation in Russia is consistent with Raiffeisen Zentralbank Osterreich AG’s global strategy and is acquiring greater significance due to the Bank’s high degree of integration: including operational, cultural results, as well as Raiffeisenbank’s group results. In 2009 the Bank provided 18% of the Group’s after-tax earnings.
Additionally, S&P’s ratings reflect the satisfactory level of the Bank’s main activity in Russia, its relatively low, in Russian terms, risk level, strong capitalization and acceptable liquidity.
«The higher rating confirms the Bank’s strategy and its key role in Raiffeisen’s overall structure and the team’s professionalism, and serves as confirmation of the post-crisis development and growth of Russia’s economy, banking sector,» notes Raiffeisenbank’s CEO Pavel Gurin.
Raiffeisenbank is one of the most reliable banks in Russia, with strong ratings from Fitch Ratings and Moody’s Interfax Rating Agency. According to the international rating agency Fitch Ratings, the long-term issuer default rating (IDR) in foreign currency is BBB+, and the outlook — «stable»; the short-term IDR in foreign currency is F2; the support rating is 2; the individual rating is D; and the national long-term is AAA(rus), the outlook — «stable».
Moody’s Interfax Rating Agency has given the Bank a long-term national credit rating of Aaa.ru. Moody’s Investors Service has given Raiffeisenbank the following ratings: Baa3 for long-term (the outlook — «negative») and Prime-3 — for short-term ratings of deposits in foreign and national currency, and a financial-stability rating of D+.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on Q1 2010 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 9th in consumer lending in Russia based on Q1 2010 results.
Raiffeisen International operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group’s nearly 56,000 employees service around 15 million customers via more than 3,000 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 72.8 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.