The Analytical Credit Rating Agency (ACRA) confirmed the credit rating of Otkritie Bank at the AA(RU) level with a positive outlook. The rating of the bank's bond issues was also confirmed at AA(RU).
In its rating conclusion, ACRA notes that the credit rating reflects a high assessment of the bank's own creditworthiness (OCC) due to a strong business profile, adequate capital position, adequate risk profile and adequate assessment of funding and liquidity.
The credit rating is positively influenced by the possibility of the bank receiving support from its shareholder — VTB Bank, which has an ACRA rating of AAA (RU). The positive outlook for Otkrytie's rating reflects the agency's expectations of increased support for the bank from the shareholder in the process of business integration.
A strong assessment of a business profile, according to ACRA, is determined by the market positions occupied by the bank. The agency also noted the high level of integration of the corporate governance structures of the bank and the shareholder.
According to ACRA, the existing level of capital adequacy provides a margin for an increase in credit risk by more than 500 basis points. Otkritie plans to maintain a high level of capital adequacy until the completion of the integration process. As of November 1, 2023, the N1.2 standard significantly exceeded the minimum level and amounted to 15.82%. In addition, in 2023, the bank significantly increased its operational efficiency.
The increase in the risk profile assessment to adequate, noted in ACRA’s rating report, primarily reflects a decrease in the bank’s exposure to market risk as a result of a reduction in net currency position, as well as a portfolio of assets assessed through profit or loss.
A “positive” outlook implies a rating upgrade with a high degree of probability over a horizon of 12–18 months.
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