Russia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Sovereign; Outlook Stable
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1 Research Update: Russia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Sovereign; Outlook Stable Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) ; Secondary Contact: Sergey Voronenko, Moscow (7) ; Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria Ratings List MARCH 6,
2 Research Update: Russia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Overview On Feb. 23, 2018, we raised our foreign and local currency ratings on Russia to 'BBB-/Stable/A-3' and 'BBB/Stable/A-2' respectively. We are therefore raising our ratings on VTB Bank JSC and its subsidiaries VTB Insurance Ltd., VTB Capital PLC, and VTB Bank (Kazakhstan). The stable outlooks reflect our view that recovery of the group's profitability will be sufficient to offset pressure on the bank's capitalization. Rating Action On March 6, 2018, S&P Global Ratings raised its long- and short-term issuer credit ratings on Russia-based VTB Bank JSC and VTB Capital PLC to 'BBB-/A-3' from 'BB+/B'. At the same time, we raised our long-term issuer credit rating on VTB Insurance Ltd. to 'BBB-' from 'BB+'. We also raised our long-term issuer credit ratings on VTB Bank (Kazakhstan) to 'BB+' from 'BB' and affirmed the 'B' short-term issuer credit rating. Our outlooks on all four entities are stable. We also raised the Kazakhstan national scale rating on VTB Bank (Kazakhstan) to 'kzaa-' from 'kza'. In addition, we raised our ratings on VTB Bank's senior debt to 'BBB-' from 'BB+', and affirmed our 'B-' ratings on the subordinated debt. Rationale The rating actions reflect the improvement in Russia's credit quality, as well as our view that VTB Bank is a government-related entity with a very high likelihood of receiving extraordinary government support if necessary. We continue to assess the bank's stand-alone credit profile (SACP) at 'bb-'. We view as positive the group's efforts to improve the structure of its funding by substituting expensive wholesale funding with customer funds, MARCH 6,
3 increase diversification of its business profile through increasing its retail banking penetration, and improve its operational efficiency through consolidation within the group structure and leaner management. Volatility of the bank's credit costs has decreased and the group no longer incurs losses on credit commitments to associated entities, which we also view as positive. At the same time, we believe that certain pressures on the bank's SACP remain. In particular, we continue to see fairly high concentrations on VTB Bank's balance sheet and an appetite for large equity investments, such as the announced acquisition of a 29.1% stake in a major Russian retailer, Magnit PJSC, for about Russian ruble billion ($2.4 billion). This represents about 12% of VTB Bank's total adjusted capital as of Dec. 31, Consequently, we continue to regard VTB Bank's capitalization as weak, with a projected risk-adjusted capital (RAC) ratio at about 4.5%, which is at the lower end of the range we forecast a year ago. We equalize our ratings on VTB Capital and VTB Insurance with our ratings on their ultimate parent VTB Bank, since we consider them core subsidiaries of the group. We rate VTB Bank (Kazakhstan), which we consider a highly strategic subsidiary, one notch below our ratings on VTB Bank. Outlook Our stable outlooks on VTB Bank and its subsidiaries reflect our view that, over the next 18 to 24 months, recovery of the group's profitability will be sufficient to offset pressure on the bank's capitalization. We anticipate that the Russian government will maintain majority ownership and control over the bank for the foreseeable future. A positive rating action is unlikely in the next 18 to 24 months and will be contingent on a positive rating action on Russia. An upgrade will also require improvement in VTB Bank's capitalization, with the RAC ratio staying above 5.25%. A negative rating action may follow in the next 18 to 24 months if we see VTB Bank's risk appetite increasing, significantly affecting the bank's risk profile. This could come from an increase in concentrations on the balance sheet, for example if the 20 largest borrowers exceed 300% of total adjusted capital, or if higher-than-expected credit losses caused the RAC ratio to fall below 3.25%. While privatization of the bank is not in our base-case scenario for the next 12 to 18 months, it could also lead to a negative rating action. A negative rating action on the subsidiaries may follow that on the parent bank. If we change our view on the strategic importance of VTB Insurance, VTB Capital, or VTB Bank (Kazakhstan), we may also take a negative rating action on these entities. MARCH 6,
4 Ratings Score Snapshot VTB Bank JSC To From Issuer Credit Rating BBB-/Stable/A-3 BB+/Stable/B SACP bb- bb- Anchor bb- bb- Business Position Strong (+1) Strong (+1) Capital and Earnings Weak (-1) Weak (-1) Risk Position Adequate (0) Adequate (0) Funding and Average and (0) Average and (0) Liquidity Adequate Adequate Support ALAC Support 0 0 GRE Support Group Support 0 0 Sovereign Support 0 0 Additional Factors 0 0 Related Criteria General Criteria: S&P Global Ratings' National And Regional Scale Mapping Tables, Aug. 14, 2017 Criteria - Financial Institutions - General: Risk-Adjusted Capital Framework Methodology, July 20, 2017 General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015 Criteria - Financial Institutions - Banks: Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions, Jan. 29, 2015 General Criteria: National And Regional Scale Credit Ratings, Sept. 22, 2014 General Criteria: Group Rating Methodology, Nov. 19, 2013 Criteria - Financial Institutions - Banks: Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013 Criteria - Financial Institutions - Banks: Banks: Rating Methodology And Assumptions, Nov. 9, MARCH 6,
5 Criteria - Financial Institutions - Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009 Ratings List Upgraded To From VTB Bank JSC Issuer Credit Rating BBB-/Stable/A-3 BB+/Stable/B Senior Unsecured BBB- BB+ VTB Capital PLC Issuer Credit Rating BBB-/Stable/A-3 BB+/Stable/B VTB Insurance Ltd. Issuer Credit Rating BBB-/Stable/-- BB+/Stable/-- Financial Strength Rating BBB-/Stable/-- BB+/Stable/-- VTB Capital S.A. Senior Unsecured BBB- BB+ Upgraded; Ratings Affirmed To From VTB Bank (Kazakhstan) Issuer Credit Rating BB+/Stable/B BB/Stable/B Kazakhstan National Scale Rating kzaa-/--/-- kza/--/-- Senior Unsecured BB+ BB Senior Unsecured kzaa- kza Ratings Affirmed VTB Bank JSC Subordinated B- VTB Capital S.A. Subordinated B- Additional Contact: Financial Institutions Ratings Europe; FIG_Europe@spglobal.com Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such MARCH 6,
6 criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column. Alternatively, call one of the following S&P Global Ratings numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) MARCH 6,
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More informationFive Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign
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More informationAXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable
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More informationAXA Insurance Group 'AA-' Ratings Affirmed After Announcement Of IPO Of U.S. Subsidiaries; Outlook Stable
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More informationItalian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed
Research Update: Italian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed Primary Credit Analyst: Marta Bevilacqua, Milan (39) 02-72-111-298; marta.bevilacqua@spglobal.com
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Research Update: Banco de Bogota S.A. y Subsidiarias 'BBB-/A-3' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Alfredo Calvo, Mexico City (52) 55-5081-4436; alfredo.calvo@standardandpoors.com
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Research Update: European Investment Fund Ratings Affirmed At 'AAA/A-1+'; Outlook Stable Primary Credit Analyst: Alexander Ekbom, Stockholm (46) 8-440-5911; alexander.ekbom@spglobal.com Secondary Contact:
More informationPoland-Based Insurer PZU Group Outlook Revised To Stable On Stabilizing Financial Strength; 'A-' Ratings Affirmed
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More informationHealth Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded
Research Update: Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274;
More informationSouth Africa-Based Capitec Bank Ltd. Assigned 'BB+/B' And 'zaa/zaa-1' Ratings; Outlook Stable
Research Update: South Africa-Based Capitec Bank Ltd. Assigned 'BB+/B' And 'zaa/zaa-1' Ratings; Outlook Stable Primary Credit Analyst: Jones Gondo, Johannesburg (27) 11-214-4866; jones.gondo@standardandpoors.com
More informationDanish Telecom Operator TDC A/S Downgraded To 'B+/B' On Completion Of Leveraged Buyout; Outlook Stable
Research Update: Danish Telecom Operator TDC A/S Downgraded To 'B+/B' On Completion Of Leveraged Buyout; Outlook Stable Primary Credit Analyst: Lukas Paul, Frankfurt + 49 693 399 9132; lukas.paul@spglobal.com
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Research Update: Germany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Primary Credit Analyst: Anton Geyze, Moscow (7) 495-783-4134; anton.geyze@spglobal.com Secondary Contact:
More informationSwedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Rated 'BBB+/A-2/K-1'; Outlook Stable
Research Update: Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Rated Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com
More informationSwedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Affirmed At 'BBB+/A-2'; Outlook Stable
Research Update: Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Affirmed At 'BBB+/A-2'; Outlook Stable Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925;
More informationBasler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable
Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable Primary Credit Analyst: Dirk Heise, Frankfurt (49) 69-33-999-163; dirk.heise@standardandpoors.com
More informationMapfre Insurance Group Core Entities Downgraded To 'BBB+' Following Downgrade Of Spain; On CreditWatch Negative
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More informationQualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable
Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Primary Credit Analyst: Jesus Palacios, Mexico City (52) 55-5081-2872; jesus.palacios@spglobal.com
More informationResearch Update: Austria-Based KA Finanz 'A/A-1' Ratings Affirmed, Outlook Stable. Table Of Contents
January 25, 2012 Research Update: Austria-Based KA Finanz 'A/A-1' Ratings Affirmed, Outlook Stable Primary Credit Analyst: Anna Lozmann, Frankfurt 49 0 69 33 999 166;anna_lozmann@standardandpoors.com Secondary
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Research Update: Petroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative Primary Credit Analysts: Marcela Duenas, Mexico City (52) 55-5081-4437;
More informationRoyal Bank of Scotland Ratings Lowered To 'A-/A-2' On Extended Restructuring; Outlook Negative
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More informationResearch Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable.
December 8, 2011 Research Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable Primary Credit Analyst: Harm Semder, Frankfurt (49) 69-33-999-158;harm_semder@standardandpoors.com
More informationFrench Auto Supplier Valeo Outlook Revised To Stable From Positive; Ratings Affirmed At 'BBB/A-2'
Research Update: French Auto Supplier Valeo Outlook Revised To Stable From Positive; Ratings Affirmed At Primary Credit Analyst: Margaux Pery, Paris +33 1 44 20 73 35; margaux.pery@spglobal.com Secondary
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More informationRussian Gas Extraction Group OAO NOVATEK 'BBB-' Ratings Affirmed Following Sanctions On Key Shareholder; Outlook Stable
Research Update: Russian Gas Extraction Group OAO NOVATEK 'BBB-' Ratings Affirmed Following Sanctions On Key Shareholder; Outlook Stable Primary Credit Analyst: Rachel J Lion, CA, London (44) 20-7176-6680;
More informationSwedish Truck Maker Scania Outlook Revised To Stable After Same Action On VW; 'BBB+/A-2' Ratings Affirmed
Research Update: Swedish Truck Maker Scania Outlook Revised To Stable After Same Action On VW; 'BBB+/A-2' Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207; vittoria.ferraris@spglobal.com
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More informationEmpresa Generadora de Electricidad Itabo S. A. 'BB-' Ratings Affirmed, Outlook Remains Stable
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More informationGreek Gaming Company Intralot S.A. Outlook Revised To Stable On Improved Operating Performance; 'B' Rating Affirmed
Research Update: Greek Gaming Company Intralot S.A. Outlook Revised To Stable On Improved Operating Performance; 'B' Rating Affirmed Primary Credit Analyst: Mark J Davidson, London (44) 20-7176-6306; mark.davidson@standardandpoors.com
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Research Update: Ratings On Portugal-Based Paper And Pulp Producer The Navigator Company Affirmed At 'BB/B'; Outlook Stable Primary Credit Analyst: Gustav Liedgren, Stockholm (46) 8-440-5916; gustav.liedgren@spglobal.com
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