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RA Moody's downgrades Delta Bank (Belarus) to Ca from B3; ratings to be withdrawn

March 23, 2015
Moody's Investors Service has today downgraded to Ca from B3 the long-term local currency deposit rating and to Ca from Caa1 the long-term foreign currency deposit rating of Delta Bank (Belarus), following the National Bank of Belarus's (NBB) announcement on 18 March 2015 that it had revoked Delta Bank's banking license.

At the same time, Moody's adjusted downward the bank's baseline credit assessment (BCA) to ca from b3.

Moody's will withdraw all Delta Bank's ratings following the withdrawal of its banking license by the NBB on 18 March 2015.

RATINGS RATIONALE

The rating action and Moody's subsequent rating withdrawals follow the NBB's announcement on 18 March 2015 that it had revoked Delta Bank's banking license in connection with the entity's violation of the banking license requirements and its inability to meet creditors' claims. Previously, on 12 March 2015 the NBB introduced temporary administration in the bank, which aimed to prevent deterioration of its financial position.

The downgrade of Delta Bank's ratings reflects Moody's expectations of heavy losses that the bank's creditors are very likely to incur as a result of liquidation.

According to Moody's, Delta Bank had no rated debt outstanding at the time of the rating withdrawal, and customer deposits represented the main source of the bank's non-equity funding.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in March 2015.

Headquartered in Minsk, Belarus, Delta Bank reported total assets of BYR2.8 trillion (around $280 million) under audited IFRS as of year-end 2013. As of year-end 2013, the bank was 7th Belarus bank by loans to individuals and 12th by individual deposits.
  • Full name
    Delta Bank (Belarus)
  • Industry
    Banks