Moody's on June 5 upgraded to B1 from B2 the long-term local- and foreign-currency deposit ratings of Russia-based PJSC Stock Commercial Bank Metallurgical Investment Bank and revised the outlook to stable from positive.
The agency also upgraded the bank's baseline and adjusted baseline credit assessments to "b1" from "b2" and its long-term counterparty risk assessment to Ba3(cr) from B1(cr).
The upgrades reflect the resilience of the bank's solvency metrics to the low economic cycles in Russia, its improving asset quality metrics, which supports its profitability and capital adequacy, and its stable funding profile and conservative liquidity management, Moody's said, adding that it expects Metallinvestbank to report sustainable solid profitability metrics over the next 12 to 18 months.
Moody's also affirmed the lender's short-term local- and foreign-currency deposit ratings at Not Prime and short-term counterparty risk assessment Not Prime(cr).
