Rating Agency Fitch Ratings upgraded long-term credit rating of the Bank “Building.Russian” from “BB” to “BB+” with the completion of the reorganization of the Bank and maintaining support from the state.
Fitch notes that the long-term Issuer default rating (IDR) of the Bank “Building.Of the Russian Federation” has been upgraded from “BB” to “BB+” with ongoing positive Outlook on the rating.
Among the reasons for the improved credit rating of the Bank “Building.Russia” rating Agency experts called the plan for financial rehabilitation of the Bank in December 2019, and increase the ratings of JSC “House.Of the Russian Federation”, the head structure of the Bank.
the Ratings of JSC “House.Of the Russian Federation” according to Fitch foreign and local currency and also 5 Russian companies – JSC “Pochta Rossii”, JSC “Russian Railways”, state company “Russian highways “, “RUSNANO” and the Federal passenger company was raised from “BBB-” to “BBB” at the end of August 2019.
Experts Fitch also noted that the rating upgrade of the Bank “Building.Of the Russian Federation” to “BB+” reflects the Agency’s view the Bank’s loan assessment-based state support, noting that the change in long-term sovereign rating of Russia may lead to changes in the IDR of the Bank “Building.Of the Russian Federation”.
Bank “Building.Russia” is part of the financial Institute of development of JSC “House.RF” is the authorized Bank in the sphere of housing construction in Russia. The volume of mortgage loans of the Bank as at the end of 2019 amounted to about 120 billion rubles.