OREANDA-NEWS. National Rating Agency has lowered its national scale credit rating on FundServiceBank OJSC (FSB) to ‘A’ and placed it on the Watchlist. The rating outlook is revised to indefinite.

FSB’s rating is under review from the time of its Watchlist placement with indefinite implications. The outlook revision reflects the uncertainty clouding the bank’s future after it was put under administration by the Deposit Insurance Agency (DIA). We will monitor the situation and take appropriate rating actions if we observe any changes in the bank’s business profile. Our national scale ‘A’ credit rating on FSB will remain in effect up until the time it is withdrawn or revised. The rating placement on the Watchlist does imply its suspension, but indicates a likelihood of its revision in the near term.

The rating downgrade is driven by FSB’s placement under external administration by the DIA on Feb. 25, 2015, the resultant suspension of the powers of its shareholders and directors and the uncertainty about the bank’s further development. The analysis of the bank’s financials as of Feb. 1, 2015 suggests that FSB complies with all prudential norms and ratios used to measure its financial condition.