OREANDA-NEWS. April 29, 2010. RusRating has cancelled the credit rating of Moscow-based CFC Bank (OAO) – “BB-” with a stable outlook – following the expiration of its rating contract.

According to a letter from CFC Bank Management Chairman S.M. Bochkarev, the decision not to renew its contract with RusRating reflects the fact that “the given rating has lost its significance for KB CFC (OAO) and in accordance with the new Central Bank requirements is no longer sufficient to access available funding from the Central Bank and other state financial institutions… In the event of positive developments in the credit market at the micro- and macroeconomic level in future KB CFC (OAO) will be happy to renew its relationship with RusRating.”

RusRating has in turn expressed its appreciation to CFC Bank management for a fruitful past partnership and for its openness.

ZAO RusRating is an independent rating agency accredited by the National Securities Market Association. The company was set up in 2001 and is a member of the GlobalRating group, which also includes rating agencies in Kazakhstan (KzRating), Armenia (AmRating) and Azerbaijan (AzeriRating). Its primary services are the provision of credit ratings to banks, leasing and industrial companies, and bonds, along with analysis of various aspects of the Russian financial sector.