Moody’s поднимает кредитный рейтинг банку «Тинькофф Кредитные Системы»

6 апр. 2011

Москва, 6 апреля 2011 г. Рейтинговое агентство Moody’s Investors Service сегодня подняло кредитный рейтинг банку «Тинькофф Кредитные Системы». Ранее, в конце марта, агентство Fitch Ratings также подняло рейтинг банку.

Кредитный рейтинг Moody’s по международной шкале по долгосрочным депозитам в рублях и иностранной валюте повышен до уровня B2, прогноз стабильный.

Ранее, 28 марта, рейтинговое агентство Fitch Ratings повысило банку «Тинькофф Кредитные Системы» долгосрочный рейтинг в иностранной валюте до уровня «B», прогноз «Стабильный».

Информационное сообщение Moody’s на русском языке пока недоступно. Ниже приводится развернутое сообщение на английском языке.

Rating Action: Moody's upgrades Tinkoff.Credit Systems to B2; outlook stable (Russia)
Global Credit Research — 06 Apr 2011

Moscow, April 06, 2011 — Moody's Investors Service has today upgraded the long-term local and foreign-currency deposit ratings of Tinkoff.Credit Systems (TCS) to B2 from B3. TCS's global local-currency senior unsecured debt ratings were also upgraded to B2 from B3. This rating action reflects the fact that the mapping of the bank's E+ Bank Financial Strength Rating (BFSR) was raised from B3 to B2 on the long-term scale.

Concurrently, Moody's Interfax Rating Agency raised TCS's long-term National-Scale Rating (NSR) to Baa1.ru from Baa2.ru. Moscow-based Moody's Interfax is majority owned by Moody's, a leading global rating agency. The outlook on all TCS's long-term ratings is stable, whilst the NSR carries no specific outlook.

RATINGS RATIONALE

«The upgrade of TCS's ratings reflects the bank's improvement in diversifying and lengthening its funding base over the past year. These improvements render TCS's resource base more sustainable, and helped TCS to restore its business growth, which is essential for maintaining profitability and operating efficiency, especially considering the intensifying competition within the Russian credit card market,» says Semyon Isakov, a Moody's Assistant Vice-President and lead analyst for the bank.

At year-end 2010, TCS's customer deposits accounted for 48.2% of total liabilities compared with 7.1% at year-end 2009. Moody's notes that this rapid increase has helped TCS to decrease its reliance on capital markets funding. Moreover, in 2010 and early 2011, TCS attracted RUB6 billion in domestic bonds that helped it to (i) substantially lengthen the duration of its funding base by up to three years; (ii) reduce average cost of funding; and (iii) refinance maturing debts, thereby positively affecting its liquidity profile.

Addressing funding issues and attracting additional long-term resources allowed TCS to restore growth in its credit card business. In 2010, its net loan book grew 82% and totalled USD316 million. Despite the rapid growth of the loan book, problem loan data indicate improving trends in non-performing loans (NPLs) which were at 3.3% as at year-end 2010, down from 7.1% as at year-end 2009 — although these are masked by rapid growth in the loan book. TCS classifies NPLs as those loans 90+ days overdue. Moody's cautioned that it will be important for the bank to maintain close control over the risks associated with such rapid loan growth.

However, Moody's notes that competition is intensifying in the Russian credit card market, which is TCS's only business line. As a small, rapidly growing monoline bank with credit cards as the key lending product, Moody's considers that TCS's business performance is highly vulnerable to adverse shifts in the operating environment. Fierce competition can result in a reduction in loan interest rates, which would negatively affect net interest margins, TCS's core revenue source.

Moody's sees limited upward potential for TCS's ratings in the short to medium term, as a higher rating would require fundamental improvements, such as a higher market share and a cheaper and a more diversified resource base combined with sound performance results and a better competitive position for TCS.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ru" for Russia.

For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled «Mapping Moody's National Scale Ratings to Global Scale Ratings.»

ABOUT MOODY'S AND MOODY'S INTERFAX

Moody's Interfax Rating Agency (MIRA) specializes in credit risk analysis in Russia. MIRA is controlled by Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets. Moody's Investors

Service is a subsidiary of Moody's Corporation (NYSE: MCO).

The previous rating action on TCS was implemented on 24 November 2010, when Moody's assigned a B3 long-term global local-currency debt rating to TCS's senior unsecured debt.

Headquartered in Moscow, Russia, TCS reported — under audited IFRS — total assets of USD405.1 million as of 31 December 2010 and net profit of USD9.1 million.