Moody’s affirms ratings of AK BARS Bank with negative outlook

Moody’s Investors Service rating agency affirmed the long-term local-currency and foreign-currency deposit ratings of AK BARS Bank at B1. Concurrently, its BFRS was affirmed at E+. Rating outlook is negative. Moody’s revision of the outlook from stable to negative is not related to the Bank’s financial performance, stand-alone creditworthiness and other financial results of the Bank, and reflects the accelerated pressure on the bank’s financial fundamentals due to the serious deterioration in Russia’s operating environment.

The Bank is taking steps to maintain the stability of its performance under conditions of deterioration in the operating environment for the banking system as a whole. The Board of Directors of the Bank voted for capital injections in 2015 in the amount of RUB 9.8 bln. This will significantly strengthen the Bank’s capital withstanding the negative expectations in the banking sector in 2015.

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