On May 22, 2014 international rating agency Fitch Ratings affirmed ‘B+’ long-term foreign and local currency issuer default rating (IDR), ‘B’ short-term foreign currency IDR, ‘A-(rus)’ national long-term rating, ‘b+’ viability rating, ‘5’ support rating and ‘NF’ support rating floor to Asian-Pacific Bank. The outlook is stable. Fitch Ratings also assigned senior unsecured debt rating at ‘B+’/A-(rus)’ and recovery rating ‘RR4’.
Affirmation of the ratings reflects Fitch’s view of the limited changes since last review of the Bank’s credit profile with improved franchise and solid pre-impairment profitability, adequate capitalization and moderate credit losses. At the same time, APB’s ratings remain constrained by the Bank’s rapid growth in challenging Russian consumer finance market.
“Affirmation of the Bank’s ratings with stable outlook under current situation in the economy and banking sector reflects stable position of APB in the market. We intend to continue effective development of the Bank in accordance with our strategy and maintain the high level of the business reputation and transparency,” commented Mikhail Pavlov, Deputy Chairman of the Executive Board of Asian-Pacific Bank.
Asian-Pacific Bank also has the following credit ratings:
- long-term local and foreign-currency deposit ratings B2 by Moody`s
- standalone E+ bank financial strength rating (BFSR) and Not Prime short-term bank deposit ratings by Moody`s
- bank credit rating A+(I) - very high level of solvency, rating sublevel – I (the highest) by Expert RA
The outlook on all of the ratings is stable.