The “Rating under review: negative” status has been assigned to the credit rating of ING BANK (EURASIA) JSC (hereinafter, the Bank) due to the publication on January 28, 2025 of information about an agreement being reached on its sale to a Russian owner (the transaction may be completed in Q3 2025) on the official website of the Bank’s parent company.
The Bank’s current credit rating — AA(RU) — was determined by the strong assessments of capital adequacy and the risk profile, as well as adequate assessments of the business profile and funding and liquidity factor. In addition, the credit rating took into account the medium degree of extraordinary support from the parent company.
The “Rating under review: negative” status reflects the need to obtain and then analyze information about changes to the shareholding structure, as well as other significant information in order to clarify the standalone creditworthiness assessment (SCA) and credit rating of the Bank.
potential outlook or rating change factors
The “Rating under review: negative” status assumes that the rating may be downgraded.
Removal of the “Rating under review: negative” status and downgrade of the credit rating may be prompted by:
- Lower assessment of support from the new owner and/or a lower SCA.
Removal of the “Rating under review: negative” status and maintaining the credit rating may be prompted by:
- Information that confirms the SCA and support assessment at a level sufficient to affirm the current credit rating.
RATING COMPONENTS
SCA: а+.
Adjustments: none.
Support: The previously assigned rating took into account the medium degree of extraordinary support from the Bank’s parent company. Taking into account this support, the Bank’s credit rating was set at AA(RU).
ISSUE RATINGS
There are no outstanding issues.
REGULATORY DISCLOSURE
The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Banks and Bank Groups Under the National Scale for the Russian Federation, Methodology for Analyzing Rated Entities Associated with a State or a Group, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The creditworthiness assessment of the parent company was determined based on the Methodology for Assigning Credit Ratings to Banks and Banking Groups under the International Scale, Methodology for Mapping Credit Ratings Assigned under ACRA’s International Scale to Credit Ratings Assigned under ACRA’s National Scales and the Methodology for Credit Rating Assignment to Sovereign Entities under the International Scale.
The credit rating of ING BANK (EURASIA) JSC was published by ACRA for the first time on August 10, 2017. The credit rating and its outlook are expected to be revised by May 13, 2025.
The credit rating was assigned based on data provided by ING BANK (EURASIA) JSC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of ING BANK (EURASIA) JSC and the financial statements of ING BANK (EURASIA) JSC drawn up in compliance with the requirements of the Bank of Russia. The credit rating is solicited and ING BANK (EURASIA) JSC participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided additional services to ING BANK (EURASIA) JSC. No conflicts of interest were discovered in the course of credit rating assignment.
