Moody's assigned B2/E+/Baa1.ru to Maritime Bank (Russia)
MOSCOW -- (BUSINESS WIRE) --
On August 15, 2011 Moody's Investors Service assigned the following global scale ratings to the Maritime Bank: B2 long-term and Not-Prime short-term local and foreign-currency deposit ratings, and a standalone E+ bank financial strength rating (BFSR). Concurrently, Moody's Interfax Rating Agency assigned to the Maritime Bank a long-term national scale credit rating (NSR) of Baa1.ru. The outlook on the long-term global scale ratings is stable, whilst the NSR carries no specific outlook.
Moody's notes that the Maritime Bank's ratings, among other factors, are backed up with (i) the bank's good profitability with a return on average assets (RoAA) of 2.4% in 2010 (1.8% in 2009); (ii) acceptable asset quality with a problem loans ratio (problem loans in proportion to total loans) of just about 10% at year-end 2010, adequately covered by a loan loss reserves ratio of 9.1%; and (iii) a small but established niche franchise in maritime finance that benefits from being a part of Industrial Investors Group that includes FESCO, one of Russia's largest transportation companies.
Igor Dergunov, the Bank's Chairman, commented on the rating action: "B2 is a high level compared to other Russian banks. The rating reflects the bank's stability, efficiency and strong market positions in serving clients from the maritime industry. The bank's strong competitive advantages through specialization in this unique, large and promising market help the Maritime bank to grow faster than the Russian banking system as a whole, while maintaining solid financial fundamentals and avoiding direct competition with larger banks. The first international credit rating will help the Maritime bank to raise its profile in international capital markets and offer new products related to international operations of our clients."
The full version of the Moody's press release is available at Moody's web site at: http://www.moodys.com/research/Moodys-assigns-B2EBaa1ru-to-Maritime-Bank-Russia-outlook-stable?lang=en&cy=global&docid=PR_224252.
Maritime Bank (Russia) is one of the oldest banks in Russia (established on March 29, 1989, holding banking license No. 77). Headquartered in Moscow, Russia, the Maritime Bank reported total assets of USD 498 million (157th position in Russia according to Interfax), shareholders equity of USD 44 million and net income of USD 9.5 million, ROAE 23.1% at year-end 2010, according to the bank's audited IFRS financial statements. The bank is the leader in providing banking services to the maritime and river transport sector (transport infrastructure, transportation and shipping-service business, ship acquisition and other related businesses). The bank's regional network covers all major Russian ports with high geographic concentration of target customers (Saint Petersburg, Novorossiysk, Vladivostok, Kaliningrad, Murmansk, Volgograd, and Nakhodka). Sergey Generalov - an investor with a long history of successful business projects, including banking and transport industries - ultimately controls the bank.
CONTACT:
Maritime Bank
Julia Osadchaya, Managing Director
+7 (495) 788 7399 ext 5517
osadchaya@maritimebank.com