Press Releases

Standard & Poor's Upgrades Renaissance Credit to ‘B+’ 

23 August 2021

Standard & Poor's raised the long-term issuer credit rating of Renaissance Credit by one notch to ‘B+’. The outlook is stable.

As follows from the agency's report, the rating’s increase is due to the capital ratios improvement. The risk-adjusted capital (RAC) ratio is forecasted by S&P analysts to sustainably exceed 10% over the next two years.

The stable outlook reflects the agency's opinion that Renaissance Credit will maintain its strong capitalization and stable asset quality in the next 12-18 months, with credit losses and delinquency rate at least on par with other retail banks in Russia. This is due to the bank's gradual transition to servicing clientele with a higher credit quality. Renaissance Credit is seeking to leverage digital channels and serve customers with higher creditworthiness by expanding its transactional business.

“We adhere to a restrained risk policy in assessing borrowers, as well as a balanced and verified approach to capital management, which allows us to consistently better the asset quality and simultaneously expand business. The main goal for us in the nearest future is the digital transformation of business tools and processes, which will enable us to become a truly modern financial institution as well as to assist our clients in fulfilling their basic financial needs on a day-to-day basis. The upgrade of the S&P rating, while maintaining a stable outlook, confirms the correctness of the chosen development strategy", - commented Viktor Kasyanov, Senior Vice President for Investment Business and Treasury of Renaissance Credit.