Moody’s might up Vozrozhdenie

Moody's Investors Service said it placed on review for upgrade Vozrozhdenie Bank's B3 long-term local and foreign currency deposit ratings, its b3 baseline credit assessment and adjusted baseline credit assessment, its B2(cr) long-term counterparty risk assessment and B2 long-term counterparty risk ratings.

The bank's short-term ratings and short-term counterparty risk assessment of Not Prime and Not Prime(cr) were not affected.

The agency said the review for possible upgrade follows the recent announcement by Bank VTB, PJSC (Ba1 positive, b1) that it has agreed to buy a controlling stake of Vozrozhdenie Bank, aiming to close the deal in September and complete integration with Vozrozhdenie Bank in 2020.

Moody’s said it expects that the proposed acquisition by Bank VTB will improve Vozrozhdenie Bank's credit profile, as it will remove prolonged uncertainties regarding Vozrozhdenie Bank's development prospects and its ownership.

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