Novikombank's rating was raised to ruAA-

The Expert RA rating agency has upgraded Novikombank's credit rating to ruAA- with a stable outlook. Previously, the bank had a ruA+ rating. This indicates a high level of creditworthiness of the core bank of Rostec, its financial reliability and stability.

“The upgrade of the rating is due to the strengthening of capital and liquidity positions, improved diversification of assets and liabilities, as well as a decrease in concentration on individual clients due to the expansion of the bank’s client base at the expense of large federal companies,” the Expert RA report emphasizes.

< p class="doc__text">Among the important positive factors, agency analysts note the bank’s lending to borrowers with high credit quality, as well as the organization’s significant role in financing strategic enterprises.

Novikombank provides financial and credit support to high-tech enterprises in such industries as aircraft manufacturing, mechanical engineering, automotive, shipbuilding, electronics, transport, oil production, etc. The financial organization also supports the implementation of large-scale programs for the modernization of industrial production, the development of new technologies and products, the launch of mass production of innovative products.

Agency analysts note that the level of corporate governance and the organization of the risk management system correspond to the scale of Novikombank’s activities and the strategic objectives set for it. “It is planned to maintain the current business model with a focus on banking services for large industrial enterprises and funding from state, regional and large corporate sources,” says the Expert RA report.

“This is already the fourth positive rating action regarding Novikombank by Russian rating agencies in 10 months, which confirms the correctness of the bank’s strategy, approved by the main shareholder, the Rostec state corporation. All previous years, marked by significant volatility and unprecedented challenges, the bank confidently coped with the challenges. We continue to actively provide loans to the Russian engineering corps and promote innovative projects. The bank fulfills all regulatory requirements with reserve, increases capital, and ensures payment of dividends to shareholders, which are used for the further development of domestic industry,” commented Elena Georgieva, Chairman of the Board of Novikombank, curator of the Voronezh branch of SoyuzMash of Russia.