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Otkritie Banking Group Discontinues Co-operation with Fitch

25.06.2014

Otkritie Financial Corporation Bank and Otkritie Bank announce that they will stop using Fitch Ratings’ services as of 25 June.

Otkritie Group has notified Fitch Ratings in advance that it would no longer be using the agency’s services. In accordance with existing agreements, the ratings previously assigned by Fitch to Otkritie Banking Group will be withdrawn.

“We have decided to discontinue co-operation with Fitch Ratings to ensure that all our banks are rated on a uniform basis,” said Senior Vice-President of Otkritie FC Bank Yuri Lekarev. “From now on, our banks will be rated by Moody’s and Standard&Poor’s only”.

At the time the decision was made, Otkritie Banking Group was assigned the following Fitch ratings: Otkritie FC Bank (parent company of Otkritie Banking Group): BB-; Otkritie Bank: B.

Currently, Otkritie Banking Group has the following ratings:

  • Otkritie FC Bank: BB- (S&P) and Ba3 (Moody’s);
  • Otkritie Bank: B+ (S&P); and
  • Bank of Khanty-Mansiysk: BB- (S&P) and Ba3 (Moody’s).