Press Releases

ACRA raises the outlook on Renaissance Credit's rating from stable to positive


30 September 2019

The Analytical Credit Rating Agency (ACRA) raised the outlook on the credit rating of Renaissance Credit from stable to positive. The credit rating was affirmed at BBB-(RU) level.

The outlook upgrade is due to the expected improvement in capital adequacy assessment. According to ACRA's stress test the banks' capital currently demonstrates a fairly high capacity to absorption of credit risks on the 12-month horizon. Besides, according to estimates of the rating agency, the averaged capital generation ratio for 2019FY will be positive. The two factors should have a favorable cumulative effect on the capital adequacy of Renaissance Credit.

The credit rating is supported by moderate business-profile of the bank with adequate positions on capital, funding and liquidity. Positive impact on the credit rating of Renaissance Credit is provided by high probability of support from the controlling shareholder - ONEXIM Group, whose representatives take an active participation both in development of the bank's strategy and evaluation of its operating performance.

Comment by Alexey Levchenko, Chief Executive Officer of Renaissance Credit: "The upgrade of rating outlook by ACRA is an importance milestone in recognizing the achievements in performance of Renaissance Credit's. We are consistently adapting our business model to the changing market conditions paying special attention to asset quality, operating effectiveness and profitability."