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Fitch Withdraws Pervobank's Ratings

December 18, 2015
Fitch Ratings has withdrawn Russia-based JSC Pervobank's ratings without affirmation.

Fitch is withdrawing the ratings as Pervobank has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Pervobank.

KEY RATING DRIVERS
On 14 July 2015, Fitch placed Pervobank's ratings on Rating Watch Evolving (RWE), reflecting the announcement of an anticipated share swap and ultimate merger with the larger Promsvyazbank (PSB; for details see 'Fitch Places Pervobank On Rating Watch Evolving' on www.fitchratings.com).

On 6 November 2015, the shares of Pervobank and PSB were swapped between their shareholders, so since that date Pervobank has been 87% owned by Promsvyazcapital B.V., a holding company for PSB and other banking businesses of the Ananiev brothers. The previous controlling shareholders of Pervobank have received in their turn 4.5% in PSB's equity.

Fitch has withdrawn Pervobank's ratings without resolving the Rating Watch or affirmation due to insufficient information to assess the bank's current and future credit profile given its anticipated merger with PSB. Fitch believes it is likely that Pervobank's credit profile will become more aligned with that of PSB, which it does not rate. Fitch understands that since change of ownership Pervobank has become deeply integrated with PSB, including unification of internal credit and risk management procedures. Its Board of Directors and management team were re-elected in early December 2015 and now consist mostly of PSB's representatives.

RATING SENSITIVITIES
Not applicable

The following ratings have been withdrawn without affirmation:
Long-term foreign and local currency IDRs: 'B'; on RWE
Short-term foreign currency IDR: 'B'
National Long-term rating: 'BBB(rus)'; on RWE
Viability Rating: 'b'; on RWE
Support Rating: '5'; on Rating Watch Positive
Support Rating Floor: 'No Floor'
  • Full name
    JSC Pervobank
  • Registration country
    Russia
  • Industry
    Banks