Moody's puts TransCreditBank ratings on watch for possible improvement
LONDON. Aug 23 (Interfax) - Moody's Investors Service has today placed the
"Baa3/Prime-3" long-term and short-term foreign- and local-currency deposit ratings as well as "Baa3" long-term local-currency debt rating of Transcreditbank (Russia) on review for upgrade, the rating agency said in a press release on Friday.
"The standalone bank financial strength rating (BFSR) of 'D-' (stable outlook), which is equivalent to a baseline credit assessment (BCA) of 'ba3' remains unchanged," the press release says.
Moody's assessment is largely based on the decision announced on July 1 by TransCreditBank's shareholder, VTB , to merge TransCreditBank with its retail subsidiary bank VTB 24 , Moody's said. TransCreditBank had earlier approved the merger at its June 28, 2013 annual shareholder meeting. Moody's assessment is also based on other documents related to the planned merger, information from the bank and its financial statements.