Moody's affirms Absolut Bank

Moody's Investors Service said it affirmed the Aa3.ru long-term national scale credit rating of Absolut Bank.

The affirmation follows an assessment of the bank's audited financial statements for 2010, the agency said.

The bank's Ba3/not-prime long-term and short-term local- and foreign-currency bank deposit ratings remain constrained by its low profitability and uncertainties over its ability to recover profitability given the highly competitive environment, Moody's said.

The ratings also reflect its relatively high credit risk and industry concentrations, along with its high dependence on parental funding, the agency added.

The ratings are supported by recent improvements in its asset quality, as well as strong capital adequacy levels, Moody's said.

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