Moody's on April 4 upgraded NBD-Bank PJSC's long-term local- and foreign-currency deposit ratings to Ba3 from B1 and revised the outlook on the ratings to stable from positive.
The rating agency also upgraded the Russian bank's baseline credit assessment and adjusted baseline credit assessment to "ba3" from "b1" and counterparty risk assessment to Ba2(cr) from Ba3(cr), and affirmed its Not Prime short-term deposit ratings and Not Prime(cr) short-term counterparty risk assessment. The overall outlook on the bank's ratings has changed to stable from positive.
The upgrade reflects NBD-Bank's strong financial fundamentals and its resilience to the banking downturns of 2008 to 2009 and 2014 to 2015. Moody's said NBD-Bank has consistently strong profitability and a solid capital buffer, adding that it expects the bank to sustain its strong internal capital generation capacity.