Moody's on June 9 changed the overall outlook on PAO Credit Bank of Moscow to positive from stable.
The agency also affirmed the bank's B1 long-term local- and foreign-currency senior unsecured debt and deposit ratings and changed the outlook on the ratings to positive from stable. It also affirmed Credit Bank's "b1" baseline and adjusted baseline credit assessments; Not Prime short-term local- and foreign-currency deposit ratings; and Ba3(cr)/Not Prime(cr) long- and short-term counterparty risk assessments.
The outlook revision reflects an improvement in the bank's solvency metrics, including in asset quality, with problem loans amounting to 9.1% of gross loans, below the average of 14% for Russian banks with a "b1" baseline credit assessment. It also reflects improvements in profitability and capital adequacy.