December 17, 2015 / 3:16 PM / 2 years ago

Fitch Withdraws Pervobank's Ratings

(The following statement was released by the rating agency) MOSCOW/LONDON, December 17 (Fitch) Fitch Ratings has withdrawn Russia-based JSC Pervobank's ratings without affirmation. Fitch is withdrawing the ratings as Pervobank has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Pervobank. KEY RATING DRIVERS On 14 July 2015, Fitch placed Pervobank's ratings on Rating Watch Evolving (RWE), reflecting the announcement of an anticipated share swap and ultimate merger with the larger Promsvyazbank (PSB; for details see 'Fitch Places Pervobank On Rating Watch Evolving' on www.fitchratings.com). On 6 November 2015, the shares of Pervobank and PSB were swapped between their shareholders, so since that date Pervobank has been 87% owned by Promsvyazcapital B.V., a holding company for PSB and other banking businesses of the Ananiev brothers. The previous controlling shareholders of Pervobank have received in their turn 4.5% in PSB's equity. Fitch has withdrawn Pervobank's ratings without resolving the Rating Watch or affirmation due to insufficient information to assess the bank's current and future credit profile given its anticipated merger with PSB. Fitch believes it is likely that Pervobank's credit profile will become more aligned with that of PSB, which it does not rate. Fitch understands that since change of ownership Pervobank has become deeply integrated with PSB, including unification of internal credit and risk management procedures. Its Board of Directors and management team were re-elected in early December 2015 and now consist mostly of PSB's representatives. RATING SENSITIVITIES Not applicable The following ratings have been withdrawn without affirmation: Long-term foreign and local currency IDRs: 'B'; on RWE Short-term foreign currency IDR: 'B' National Long-term rating: 'BBB(rus)'; on RWE Viability Rating: 'b'; on RWE Support Rating: '5'; on Rating Watch Positive Support Rating Floor: 'No Floor' Contact: Primary Analyst Ruslan Bulatov Associate Director +7 495 956 9982 Fitch Ratings CIS Limited 26 Valovaya St., Moscow 115054 Secondary Analyst Sergey Popov Associate Director +7 495 956 9981 Committee Chairperson James Watson Managing Director +7 495 956 6657 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com; Julia Belskaya von Tell, Moscow, Tel: +7 495 956 9908, Email: julia.belskayavontell@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 20 Mar 2015) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=996906 Solicitation Status here Endorsement Policy here ail=31 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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