(Repeat for additional subscribers)
Jan 24 (The following statement was released by the rating agency)
Fitch Ratings has assigned JSC SDM-Banka€™s (SDM) upcoming RUB3bn BO-01, RUB3bn BO-02 and
RUB2bn BO-03 Series domestic bond issues expected Long-term local currency ratings of
a€˜B+(EXP)a€™ and National Long-term ratings of a€˜A-(rus)(EXP)a€™. The bondsa€™ expected
Recovery Rating is
The final rating is contingent upon the receipt of final documents conforming to
information already received.
SDM has Long-term foreign and local Issuer Default Ratings (IDR) of 'B+' with
Stable Outlooks, a Short-term IDR of 'B', , a Viability Rating of 'b+', a
Support Rating of '5', a Support Rating Floor of 'NF' and a National Rating of
KEY RATING DRIVERS
The issuesa€™ ratings correspond to SDMa€™'s 'B+' Long-term local currency IDR,
which reflects the banka€™s limited size by international standards, resulting
among other things, in significant concentrations on both sides of its balance
sheet, but more positively, a lengthy track record of reasonable asset quality,
comfortable liquidity, adequate profitability and conservative management.
Any changes to SDMa€™s Long-term local currency IDR would impact the issuesa€™
ratings. Downside pressure on SDMa€™s Long-term local currency IDR could arise
from huge deposit outflows and/or asset quality deterioration resulting in
erosion of the banka€™s capital. Upside potential for SDM's Long-term local
currency IDR is limited in the near term.
For more information on SDMa€™s credit profile, see Fitcha€™s full rating report
dated 9 December 2013 at www.fitchratings.com.