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Fitch Affirms & Withdraws International Bank of Saint Petersburg's Ratings

December 18, 2012 | Cbonds

Fitch Ratings-London/Moscow-18 December 2012: Fitch Ratings has affirmed International Bank of Saint Petersburg's (IBSP) ratings, including its Long-term Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. At the same time, the agency has withdrawn the ratings as the bank has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, the agency will no longer provide ratings or analytical coverage of IBSP. A full list of ratings actions is at the end of this comment.
The affirmation reflects the limited changes in the bank's risk profile over the past year. IBSP's ratings are constrained by its limited franchise, weak capital position and asset quality concerns.
At end-11M12 the bank reported non-performing loans (loans more than 90 days overdue) at a low 2.6% of total loan book. However, this should be considered together with the high 20% share of restructured and rolled-over exposures. At the same time, statutory loan impairment reserves comprised only 4.5% of loans at end-11M12. The regulatory capital ratio was a modest 11.4% at the same date, meaning loan impairment reserves could have been increased to only 8% of the loan book without breaching minimum capital requirements. In Fitch's view, this is a limited buffer, given the uncertain prospects for the restructured exposures.
IBSP is medium-sized St. Petersburg-based bank focusing on corporates customers. The bank's controlling shareholder is Sergei Bazhanov.
The rating actions are as follows:
Long-term foreign currency IDR: affirmed at 'B-', Outlook Stable; withdrawn
Short Term IDR: affirmed at 'B' withdrawn
Long-term local currency IDR: affirmed at 'B-', Outlook Stable; withdrawn
Viability Rating: affirmed at 'b-'; withdrawn
Support Rating: affirmed at '5'; withdrawn
Support Rating Floor: affirmed at 'No Floor'; withdrawn
National Long-term rating: affirmed at 'BB-(rus)', Outlook Stable; withdrawn

Company: IBSP

Full company nameInternational Bank of Saint Petersburg
Country of riskRussia
Country of registrationRussia


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