OREANDA-NEWS. November 15, 2010. Moody’s Rating Agency has changed the outlook on all ratings assigned to OJSC “Promsvyazbank” (PSB) from “Negative” to “Stable”, reported the press-centre of Promsvyazbank.

The change in rating outlook reflects (i) the stabilisation by mid-2010 of Promsvyazbank’s asset quality indicators, (ii) the bank’s improved profitability, whereby it posted positive bottom-line results for the first half of 2010, as well as (iii) improved capitalisation stemming from the two-step capital increase in 2010 (in February through a Tier 1 capital injection and in July through a subordinated bond placement), coupled with the declining charges for credit losses. The rating agency also notes Promsvyazbank’s improved liquidity profile, whereby the bank’s net loan-to-deposit ratio declined from 131% at year-end 2008 to 102% at 30 June 2010 thus relaxing the bank’s dependence on wholesale funding.

Concurrently, Moody’s Rating Agency affirmed all ratings assigned to Promsvyazbank:

D bank financial strength rating;

Ba2 long-term local and foreign currency deposit and senior unsecured debt ratings;

Ba3 foreign currency subordinated debt rating;

Not Prime short-term local and foreign currency deposit ratings.

On Moody’s rating scale OJSC “Promsvyazbank” enjoys the highest standalone rating level among all privately–owned banks in Russia.