December 10, 2012 / 12:17 PM / 5 years ago

TEXT-S&P:Federal Bank for Innovation & Development otlk to stable

(The following statement was released by the rating agency)

Dec 10 -

Overview

-- Our concerns about Russian Federal Bank for Innovation and Development's (FBID) capital position and asset quality have reduced, as we believe it now has sufficient loan loss provisions to cover existing problem assets.

-- We are therefore revising the outlook on FBID to stable from negative, and affirming the 'B-/C' counterparty credit ratings and the 'ruBBB-' Russia national scale rating.

-- The stable outlook reflects our view that the bank's marginal losses in 2012 will not put material pressure on its capitalization, which we currently assess as "moderate".

Rating Action

On Dec. 10, 2012, Standard & Poor's Ratings Services revised its outlook on Russian Federal Bank for Innovation and Development (FBID) to stable from negative. At the same time, we affirmed the 'B-' long-term and 'C' short-term counterparty credit ratings and 'ruBBB-' Russia National Scale Rating on the bank.

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