Moody's withdraws ratings of Moscow Capital Bank (Russia
October 13, 2009 "Moody’s"
Moscow, October 13, 2009 -- Moody's Investors Service has today withdrawn
the following ratings of Moscow Capital Bank (MCB):
- Bank financial strength rating (BFSR) of E
- The long-term and short-term foreign and local currency deposit ratings of
Concurrently, Moody's Interfax Rating Agency withdrew MCB's long-term
national scale rating (NSR) of C.ru. Moscow-based Moody's Interfax is
majority owned by Moody's, a leading global rating agency.
Moody's withdrawal of its bank financial strength and deposit ratings for
MCB is a result of the withdrawal of MCB's banking license by the Central
Bank of Russia (CBR) on 2 February 2009 which was due to violation of
laws, deterioration of capital adequacy to a level below 2%, and failure
by the bank to meet its obligations to creditors. As a result of the
withdrawal of its banking license, MCB is no longer a deposit taking
institution and no longer has outstanding deposits. Moody's further notes
that, as of the date of the ratings withdrawal, MCB had no senior
unsecured, subordinate or structured finance obligations rated by
Moody's. Please refer to Moody's Withdrawal Policy on www.moodys.com.
The principal methodology used in rating MCB prior to the ratings
withdrawal were Moody's "Bank Financial Strength Ratings: Global
Methodology", published in February 2007, and "Incorporation of
Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology",
published in March 2007, which are available on www.moodys.com in the
Rating Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Rating
Methodologies sub-directory on Moody's website.
Domiciled in Moscow, Russia, Moscow Capital Bank reported -- as at 31
December 2007 (latest available IFRS figures) -- total IFRS assets of
USD985 million, total shareholders' equity of USD92 million and a net
income of USD20 million. As per the Russian statutory Accounting
Standards (RAS), as at 30 April 2009 the bank reported total assets of
RUB4 billion (USD120 million) (excluding provisions and depreciation) and
cash and equivalents of RUB46 million, while total liabilities comprised
Company — Moscow Capital Bank
Full nameCommercial Bank "Moscow Capital" Ltd.