Press Releases / 10.10.2014
Press Release as of 10.10.2014
CJSC AK&M Rating Agency has downgraded JSC Coalmetbank (license no. 2997) on the national scale from 'A' to 'B++', tier 2, with a stable outlook.
The rating downgrade follows a substantial deterioration in the Bank's key performance indicators as of September 1, 2014.
The Bank's liabilities have dropped by 12.1% in the wake of a reduction in the funding base: the legal entities' deposits with the Bank plummeted by 70.1%, retail deposits by 5.5%. The credit institution's capital has steadily been going down throughout 2014 (-4.4%).
The shrinking liabilities have triggered an overall reduction in the Bank's assets (-12.4%) and a decrease in earning assets (-12.5%). The weaker performance has caused a negative financial result, the Bank's loss as of September 1, 2014 amounting to RUB 80.5 million.
Full Bank name: Joint-Stock Company Coalmetbank
Short name: JSC Coalmetbank
The rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Bank's creditworthiness and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.
AK&M Rating Agency shall not be held liable for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.
CJSC Analysis, Consulting and Marketing Rating Agency is a leading independent national rating agency engaged in rating activities since 1993. CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.
CJSC AK&M Rating Agency
Ul. Gubkina 3, Moscow, Russia
Phone no. (495) 916-70-30, fax no.: (499) 132-69-18.