OREANDA-NEWS. Moody's Investors Service has today placed the Baa3/Prime-3 long-term and short-term foreign- and local-currency deposit ratings as well as Baa3 long-term local-currency debt rating of TransCreditBank on review for upgrade. The standalone bank financial strength rating of D- (stable outlook) remains unchanged.

The change in outlook was taken following the announcement of TransCreditBank annual shareholder meeting which approved the merger of TransCreditBank with bank VTB24 on 28 June 2013.

The review for upgrade reflects Moody's view that “the successful completion of TransCreditBank's merger with VTB24 in November 2013 could have positive implications for the former's deposit and debt ratings and Moody's is likely to equalise the risk profile of TransCreditBank and VTB24, due to higher support assumptions for the former”. Moody's is unlikely to upgrade TransCreditBank's standalone financial strength rating (D-) and affirmed stable outlook.