August 21, 2017 / 5:51 PM / a year ago

BRIEF-Russian credit agency ACRA puts Otkritie bank rating under revision

MOSCOW, Aug 21 (Reuters) - Russia’s Analytical Credit Rating Agency (ACRA) said on Monday:

* Has assigned status of “Rating under revision: negative” to credit rating of Russia’s top private lender, Otkritie Bank;

* ACRA notes the bank has faced a substantial outflow of client funds (433 billion roubles ($7.33 billion), or 26 percent) and interbank funding (303 billion roubles, or 48 percent) in June and July 2017, which also included the scheduled redemptions and cumulatively resulted in a 17 percent decrease in its liabilities.

* ACRA says the bank had to turn to raising funds from the Bank of Russia under repo transactions at a fixed rate against pledge of securities portfolio: as at Aug. 1, 2017, funding raised from the regulator amounted to 338 billion roubles, or 17 percent of the total liabilities;

* ACRA believes the bank had a liquidity cushion as at early August 2017; however, one cannot rule out that in a scenario where outflow of funds continues in August and September at the current pace, the Bank’s financial stability will hinge upon support from the regulator as the ultimate creditor;

* Moody’s last week placed Otkritie Bank on review for a possible rating downgrade. ($1 = 59.0476 roubles) (Reporting by Moscow Newsroom, editing by David Evans)

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