The rating agency NCR (National Credit Ratings) has confirmed the credit rating of Otkritie Bank (part of the VTB Group) at AA+.ru with a stable outlook.
The agency notes the strong positions of Otkritie Bank in the Russian banking industry, which are combined with adequate diversification of the bank's business. At the same time, shareholder risks continue to be assessed as minimal, the bank's management assessment has been increased due to the ongoing integration with the parent bank, including with respect to corporate governance and risk management standards.
According to NCR forecasts, improvement in risk appetite, funding and liquidity assessments is expected by the end of the year as the business migrates to the balance sheet of the parent bank. The likelihood of extraordinary support for Otkritie from the beneficiary is assessed as high.
In its conclusion, the NCR believes that the transformation of Otkritie’s business will not lead to fluctuations in the base assessment of its own creditworthiness until the end of 2024.
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