September 6, 2017 / 4:01 PM / 10 months ago

Russia's ACRA rating agency raises outlook on Otkritie Bank rating

MOSCOW, Sept 6 (Reuters) - Russia’s credit rating agency ACRA said on Wednesday it has changed its outlook on Otkritie Bank to ‘developing’ from ‘negative’ after Russia’s central bank stepped in to bail out the struggling lender.

ACRA’s rating assigned to Otkritie in early July became one of the triggers that forced the central bank to rescue the bank, once Russia’s largest private lender.

The Kremlin-backed ACRA said on Wednesday its decision to change the rating outlook was driven by the appointment of a temporary administration at Otkritie by the central bank.

ACRA, which left Otkritie’s rating unchanged at BBB-, also noted that no moratorium on satisfying creditors’ claims or bail-ins had been imposed.

A central bank deputy governor told Reuters last week Otkritie had a hole in its balance sheet of $7 billion, making the bail-out one of the largest in Russia’s history. (Reporting by Andrey Ostroukh; Editing by Hugh Lawson)

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