Moody's Interfax takes actions on NSRs of three Russian subsidiaries of Societe Generale
MOSCOW. June 26 (Interfax) - Moody's Interfax Rating Agency has taken the multiple actions on the national scale ratings (NSRs) of three Russian subsidiaries of Societe Generale: Rosbank, DeltaCredit Bank and Rusfinance Bank, the agency said in a press release.
Moody's Interfax downgraded the long-term NSR of Rusfinance Bank to Aa1.ru from Aaa.ru. At the same time, the Aaa.ru long-term NSRs of Societe Generale's other two Russian subsidiaries --Rosbank and DeltaCredit Bank -- were confirmed. The Aaa.ru NSR of Rosbank's local currency senior unsecured debt was also confirmed.
The rating actions on Rosbank, DeltaCredit and Rusfinance conclude the reviews of these banks' NSRs initiated by Moody's Interfax on 16 December 2011.
According to Moody's Interfax, the reviews of the NSRs of Rosbank, DeltaCredit and Rusfinance initiated on 16 December 2011 were triggered by Moody's Investors Service's reviews of the banks' global scale ratings following the downgrade of their ultimate parent, Societe Generale.
Moody's Interfax explained that Moody's review of global local and foreign currency deposit ratings of Rosbank and DeltaCredit resulted in a downgrade of both banks' deposit ratings to Baa3, from Baa2. As the global scale ratings are mapped to NSRs, and Baa3 global scale ratings can only be mapped to an NSR of Aaa.ru, the review of Rosbank's and DeltaCredit's NSRs has been concluded with the confirmation of these banks' NSRs at Aaa.ru.
At the same time, Moody's review of global local and foreign currency deposit ratings of Rusfinance resulted in their downgrade to Ba1, from Baa3. As the global scale ratings of Ba1 can only be mapped to an NSR of Aa1.ru, the review of Rusfinance's NSR has been concluded with the downgrade of this rating to Aa1.ru, from Aaa.ru.
