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Moody's downgrades Khanty-Mansiysk bank Otkritie's long-term deposit rating to B2; outlook negative

December 11, 2015 | Cbonds

Moody's Investors Service has today downgraded the long-term local and foreign-currency deposit ratings of to Khanty-Mansiysk bank Otkritie PJSC (KhMBO) to B2 from B1, the baseline credit assessment (BCA) to b3 from b2 and the adjusted BCA to b2 from b1, given an increased pressure on the bank's standalone financial metrics. It also downgraded the bank's hybrid subordinated debt rating to Caa1 (hyb) from B3 (hyb). KhMBO's ratings incorporate a one-notch uplift from the b3 BCA based on our assessment of a high likelihood of support from its parent, Bank Otkritie Financial Corporation PJSC (BOFC; Ba3 negative). The rating agency has also affirmed the bank's short-term deposit ratings at Not-Prime. The outlook on the long-term ratings remains negative.

The long-term Counterparty Risk Assessment (CR Assessment) has been downgraded to B1(cr) from Ba3(cr) and the short-term NP(cr) CR Assessment has been affirmed.

Company: Khanty-Mansiysk bank Otkritie

Full company namePublic Joint-Stock Company «Khanty-Mansiysk bank Otkritie»
Country of riskRussia
Country of registrationRussia
IndustryBanks

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