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Russia's Home Credit And Finance Bank Outlook Revised To Positive; Ratings Subsequently Withdrawn At Issuer's Request

September 02, 2011 | Standard & Poor's

Primary Credit Analyst: Victor Nikolskiy, Moscow, (7) 495-783-4010;
Secondary Contact: Pierre Girault, Paris, (33) 1442 06773;
Additional Contact: Financial Institutions Ratings Europe;

• We believe that current operating conditions are continuing to lessen the pressure on Home Credit and Finance Bank's liquidity and asset quality.
• We are revising our outlook on the bank to positive and affirming our 'B+/B' ratings.
• We are subsequently withdrawing the ratings at the issuer's request.

MOSCOW (Standard & Poor's) Sept. 1, 2011--Standard & Poor's Ratings Services said today it revised its outlook on Russia-based Home Credit and Finance Bank LLC (HCFB) to positive from stable. At the same time, we affirmed our 'B+/B' ratings on the bank. We subsequently, withdrew the ratings at the issuer's request.

Our positive outlook revision reflected our expectation that HCFB will show sustained adequate operating profitability on the back of its improved credit metrics and prudent reserving, while successfully refinancing its maturing wholesale funding.

The ratings on HCFB were constrained by our view of the relatively high-risk consumer finance market in Russia, as well as the bank's continuous reliance on wholesale funding and its significant dividend distribution.

The ratings were supported, however, by the bank's expanding franchise, its resilient financial performance through the cycle, adequate capitalization supported by good profitability, and adequate risk management.

The ratings reflected our assessment of HCFB's stand-alone credit profile and did not include any uplift for extraordinary external support from its owner, PPF Group N.V. (PPF; not rated), a private investment conglomerate based in the Czech Republic.

Company: CentroCredit Bank

Full company nameThe CentroCredit Joint Stock Commercial Bank
Country of riskRussia
Country of registrationRussia


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