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Moody's Interfax downgrades Petrocommerce Bank's National Scale Rating to Baa1.ru from A2.ru

July 31, 2014 | Moody's Investors Service

Moscow, July 30, 2014 -- Moody's Interfax Rating Agency has today
downgraded the national scale long-term deposit rating (NSR) of
Petrocommerce Bank to Baa1.ru from A2.ru. The NSRs carry no specific
outlooks.

The downgrade of Petrocommerce's rating is driven by (1) its weak
profitability stemming from recently high provisioning charges against
problem loans; and (2) its deteriorated capital levels.

Moody's assessment of the issuer's ratings is largely based on the
announced sale of Petrocommerce to Otkritie Holding as well as the bank's
audited financial statements for 2013.

Company: Petrocommerce Bank

Full company nameOpen Joint-Stock Company Commercial bank "Petrocommerce"
Country of riskRussia
Country of registrationRussia
IndustryBanks

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