Fitch downgraded the Bank to ‘B -‘ from ‘B’

Fitch downgraded the Bank to ‘B -‘ from ‘B’

MOSCOW, 19 January, the International rating Agency Fitch downgraded long-term Issuer default rating of Novikombank to ‘B -‘ from ‘B’. The Outlook on the rating of the credit institution placed under revision to “negative”, is spoken in the message of Agency.

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“The downgrade reflects the significant increase of the quality of assets and lack of adequate financial support from majority shareholder – “Rostec,” say analysts at Fitch.

Earlier it became known that the CBR checks the Bank, but the “Rostekh” has denied a possible sanation of the credit institution.

The Bank is the anchor Bank Corporation, serves businesses from the defence, engineering, automotive, and hi-tech technology. As of 1 October 2015, its assets amounted to 289,8 billion rubles, own funds – 41 billion. The Bank’s loan portfolio on October 1, 2015 exceeds 153 billion, with more than 98% are corporate loans.