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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 name
    Open Joint-Stock Company Commercial bank "Petrocommerce"
  • Registration country
    Russia
  • Industry
    Banks