Standard & Poor's: B&N Bank 'B-/C' Ratings Affirmed; Outlook Negative; Off CreditWatch Negative
January 21, 2016
Standard & Poor's Ratings Services today affirmed its 'B-/C' long- and short-term counterparty credit ratings on Russia-based B&N Bank PJSC. The outlook is negative.
At the same time, Standard & Poor's affirmed 'ruBBB-' Russia national scale rating on the bank.
The affirmation reflects our view that the recent deconsolidation of problematic ROST Bank and additional capital support for B&N have together somewhat eased the pressure on B&N's capital position. The negative outlook acknowledges the uncertainty in the bank's financial profile given the planned merger with MDM Bank (B/Negative/B), another midsize bank in Russia with a sizable amount of non-performing loans (14.1% as of June 30, 2015).
Company — BINBank (doesn't exist)
Full nameB&N Bank (Public Joint-Stock Company)