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Moody's withdraws Petrocommerce Bank's deposit ratings and CR assessments; upgrades senior unsecured rating to Ba3, negative

July 7, 2015 Moody's Investors Service
London, 06 July 2015 -- Moody's Investors Service has today withdrawn the B2/Not- Prime deposit ratings, b2 baseline credit assessment, b2 adjusted baseline credit assessment and B1(cr)/Not- Prime(cr) Counterparty Risk Assessments of Petrocommerce Bank (OJSC), based in Russia (Ba1 negative). Concurrently, the local-currency senior unsecured debt rating was upgraded to Ba3, negative.

RATINGS RATIONALE

This action follows Petrocommerce Bank's reorganisation and merger with Bank Otkritie Financial Corporation PJSC (deposits/senior unsecured Ba3 negative, BCA b1). Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its web site, www.moodys.com.

Following the merger, all the liabilities of Petrocommerce Bank have been transferred to Bank Otkritie Financial Corporation, including the ruble bonds due 2015 that are now rated Ba3 by Moody's in line with the senior unsecured debt rating of Bank Otkritie Financial Corporation.

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Petrocommerce Bank reported -- as at year-end 2014 -- total IFRS (audited) assets of $4.8 billion and total equity of $539 million. The bank's net loss amounted to $104 million for 2014 (latest available audited figures).

Moody's Interfax Rating Agency has today withdrawn the Baa1.ru national scale rating of Petrocommerce Bank (OJSC) based in Russia (Ba1 negative).
Company — Petrocommerce Bank
  • Full name
    Open Joint-Stock Company Commercial bank "Petrocommerce"
  • Registration country
    Russia
  • Industry
    Banks