MIA Commercial Bank Assigned ‘AA+’ Credit Rating
OREANDA-NEWS. National Rating Agency has assigned its ‘AA+’ national scale credit rating to Joint Stock Commercial Bank ‘MIA’ (CB ‘MIA’), taking into account the ‘RS2’ support rating from its shareholder – Government of Moscow. The Bank's stand-alone credit rating is ‘A-’. This is the first time that the bank is rated by NRA.
Among positive factors supporting the current rating, the Agency highlights strong shareholder – the Department of City Property of Moscow, step by step implementation of the development strategy, customer base growth, strong capital stability, and high liquidity.
The rating is constrained by highly specialized activities of the bank, weak office network, which puts pressure on customer base growth, and high industry risks of the loan portfolio.
Joint Stock Commercial Bank ‘MIA’ (CB ‘MIA’) was established in January 2000 in conformity with the Order ‘On Organizational and Financial Support of Mortgage Lending System Implementation in Moscow’. The bank is the organizer and coordinator of the mortgage lending system in the city. In May 2012 it entered the deposit insurance system. The only shareholder of CB ‘MIA’ is the Government of Moscow, represented by the Department of City Property.
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