Important News

Standard & Poor’s affirms the rating of Renaissance Credit at B with stable outlook


As follows from the credit research published by the Standard & Poor’s on 21 Aug 2020, the rating agency affirms the long-term and short-term ratings of Renaissance Credit at B level with stable outlook.

Among the positive factors supporting the rating, the agency mentions the following: adequate capitalization, low dependence on wholesale funding, sufficient liquidity cushion and good cost of risk indicator.

On the positive side, S&P notes that "management tightened underwriting standards in mid-2019 when early signs of market overheating became visible."

In terms of expectations for the future, the agency concludes: "The stable outlook also reflects our expectation that Renaissance Credit's earnings capacity, adequate capital and liquidity buffers, and stable funding profile will support its creditworthiness, despite challenging macroeconomic conditions."

Comment by Evgeniy Mikhalin, Senior Vice President, Chief Financial Officer at Renaissance Credit: "Rating affirmation by S&P implies the bank maintains its good financial standing, reliability and readiness to fulfill its obligations vis-à-vis investors and creditors. We plan to continue our organic development, maintain a balanced approach to credit risk management, focusing on client service, effectiveness and profitability of our business."