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Russian OTKRITIE Bank Upgraded To 'BB-/B' On Merger With Bank of Khanty-Mansiysk; Ratings Then Withdrawn

November 13, 2014 | Standard & Poor's

13, 2014, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Russia-based OTKRITIE Bank to 'BB-' from 'B+'. We also raised our Russia national scale rating on OTKRITIE Bank to 'ruAA-' from 'ruA+'. At the same time, we affirmed our 'B' short-term counterparty credit rating on the bank. We subsequently withdrew all ratings on OTKRITIE Bank. The outlook was stable at the time of withdrawal.

On Nov. 5, 2014, as planned, OTKRITIE Bank merged with its sister Bank of Khanty-Mansiysk and ceased operations as a separate legal entity. The merged Khanty-Mansiysk bank Otkritie is a retail business-focused subsidiary of Bank Otkritie Financial Co. The upgrade reflects the full incorporation of OTKRITIE Bank in a 'BB-' rated entity and our view that the bank is core, and not severable, to Bank Otkritie Financial Co., of which it forms a substantial part.

We subsequently withdrew the ratings on OTKRITIE Bank to reflect that OTKRITIE Bank ceased operations as a separate legal entity.




RELATED CRITERIA AND RESEARCH

Related Criteria
• Group Rating Methodology, Nov. 19, 2013
• Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013
• Banks: Rating Methodology And Assumptions, Nov. 9, 2011
• Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011
• Bank Capital Methodology And Assumptions, Dec. 6, 2010


Related Research
• Khanty-Mansiysk bank Otkritie 'BB-/B' Ratings Affirmed On Merger With OTKRITIE Bank; Outlook Stable, Nov. 13, 2014
• Bank of Khanty-Mansiysk, Sept. 29, 2014
• OTKRITIE Bank, Sept. 19, 2014
• Outlook On Russia-Based OTKRITIE Bank Revised To Positive On Upcoming Merger; 'B+/B' Ratings Affirmed, July 31, 2014

Company: Bank OTKRITIE (doesn't exist)

Full company nameBank OTKRITIE
Country of riskRussia
IndustryBanks

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