Moody's confirmed rating for Home Credit & Finance Bank
Home Credit & Finance Bank LLC (HCFB), one of the leading banks specializing in consumer banking in Russia, announces that Moody's confirmed a D- bank financial strength rating (BFSR), which translates into a Baseline Credit Assessment of Ba3. Rating outlook is stable.
"We are pleased Moody's has issued its credit opinion and confirmed our rating despite recent market conditions, reflecting our focus on maintaining a strong balance sheet to provide a solid platform for our continued growth. Moody's report demonstrates the level of confidence the markets have in Home Credit and Finance Bank's business", says Dmitri Mosolov, Deputy Chairman of the HCFB Management Board.
Moody's Bank Financial Strength Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements. Factors considered in the assignment of BFSRs include HCFB's developing franchise beyond point-of-sale (POS) loans, thanks to
- its ability to cross-sell as one of the largest consumer lenders and its recognised name in Russia,
- high and expanding geographical coverage which may help resist competitive pressure,
- the advantages associated with the bank's strong reported capitalisation levels, which should enable it to cope with potential adverse swings in asset quality,
- strengthening risk management,
- the historical commitment of its shareholder.
The bank's high loan book granularity and immaterial exposure to related parties also support the BFSR.
Source: Home Credit
Date: 30.10.2007 [ID: 130]