Renaissance Financial Holding Limited's Baa1.ru NSR now maps to the B2 global scale long-term local currency rating (assigned by Moody's Investors Service).
The rating action is based on the audited IFRS accounts for 2011 and the unaudited IFRS accounts for H1 2012.
Please see ratings tab on the issuer/entity page on moodys.com for information on the Global Scale Rating.
Today's downgrade of Renaissance Financial Holding Limited's NSR to Baa1.ru reflects the downgrade of the bank's long-term global scale ratings to B2 from B1 (negative outlook) by Moody's Investor's Service on 9 November 2012 (see www.moodys.com). The downgrade of Renaissance Financial Holding Limited's global scale rating, in turn, reflects Renaissance Financial Holding Limited's continued loss-making performance which negatively affects the financial fundamentals of the company (please see www.moodys.com).
The methodology used in this rating was Global Securities Industry Methodology published in December 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Renaissance Financial Holding Limited is the investment banking arm of the Renaissance Group, which also includes consumer finance, asset management and merchant banking. Renaissance Financial Holding Limited reported total consolidated assets of approximately $5 billion and total equity of approximately $901 million under (unaudited) IFRS at end-H1 2012.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ru" for Russia. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".
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Moody's Interfax Rating Agency (MIRA) specializes in credit risk analysis in Russia. MIRA is a joint-venture between Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets, and the Interfax Information Services Group. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO).
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Vladlen KuznetsovAsst Vice President - Analyst Financial Institutions Group Moody'sInterfax Rating Agency 7th floor, Four Winds Plaza21 1st Tverskaya-Yamskaya St.Moscow 125047 Russia Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 Yves J Lemay MD - Banking Financial Institutions Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Interfax Rating Agency 7th floor, Four Winds Plaza21 1st Tverskaya-Yamskaya St.Moscow 125047 Russia Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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