07.12.2012 15:23
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Solidarnost -- Moody's Interfax downgrades Solidarnost's NSR to Ba2.ru

Moscow, December 07, 2012 -- Moody's Interfax Rating Agency has today downgraded the national scale rating (NSR) of Solidarnost to Ba2.ru from Baa3.ru. NSRs carry no specific outlook.

Moody's assessment is primarily based on Solidarnost's 2012 monthly accounting statements prepared under local statutory accounting rules (Russian Accounting Standards or RAS), as well as its audited financial statements for 2011 prepared under IFRS.

Please see ratings tab on the issuer/entity page on moodys.com for information on Global Scale Rating.

RATINGS RATIONALE

The rating downgrade reflects Solidarnost's weak capital buffer and vulnerable liquidity position, which are amplified by sizeable borrower and depositor concentrations.

Moody's notes that Solidarnost's capital adequacy has weakened considerably over past two-and-a-half years. The bank's regulatory capital adequacy ratio (so-called "N1") declined to 12.0% as at end-October 2012 (YE2011: 15.0% and YE2009: 18.1%). This sharp decline reflected Solidarnost's weak profitability at times when the bank had to create additional loan loss reserves against its deteriorating assets. In 2012, the bank increased its loan volumes for the first time since 2008, which again exerted additional pressure on its capital adequacy.

According to Moody's central stress-test scenario, Solidarnost's capital and loan loss reserves (accounting for 4.5% of total loans, according to RAS, as at end-October 2012) provide insufficient buffer against potential credit and market losses. According to Moody's stress test, the bank's capital adequacy ratio could decline below the minimum regulatory requirements (10%) under the rating agency's central scenario. The rating agency does not expect this capital deficit to be eliminated in next 12-18 months given the bank's moderate recurring profitability and uncertainty relating to shareholders' willingness and capacity to inject sufficient amount of core Tier 1 capital.

Moody's notes that, in addition to relatively weak capital and loan loss reserves, Solidarnost's high borrower concentration (credit exposure to the 20 largest groups of borrowers amounted to 2.6x the bank's capital) intensifies the bank's risks, rendering it susceptible to the performance of only a handful of borrowers.

Moody's believes that significant pressure will be exerted on Solidarnost's liquidity in the event of any market stress due to the bank's reliance on secured funding facilities (from the Central Bank of Russia) for around 20% of its total funding in Q2-Q3 2012 and its predominantly short-term customer deposit base (over 90% of customer funds had a maturity of less than one year). The bank's liquidity management is also complicated by some customer funding concentration, with the 20 largest depositors accounting for almost a quarter of the bank's non-equity liabilities as of end-August 2012.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Solidarnost's ratings have limited upside potential in the medium term. However, positive pressure could be exerted on the ratings if the bank's capital adequacy and funding structure is materially improved. Simultaneously, Solidarnost would need to demonstrate a sustained track record of improving recurring profitability.

Further pressure could be exerted on Solidarnost's ratings if its liquidity position, asset quality and/or capital adequacy deteriorates beyond Moody's central scenario.

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Moody's Consolidated Global Bank Rating Methodology published in June 2012, and Mapping Moody's National Scale Ratings to Global Scale Ratings published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Domiciled in Samara, Russia, Solidarnost reported -- as at 31 December 2011 -- total IFRS assets of $589 million.

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".

ABOUT MOODY'S AND MOODY'S INTERFAX

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).

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following : parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Maxim Bogdashkin Asst 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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