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IBI-Rating has upgraded the credit ratings "BANK MIKHAILOVSKY" PJSC and bonds of А, В series from uaВВВ to uaВВВ+ grade

01.04.2016
Rating agency IBI-Rating informs on the upgrading of the credit rating of "BANK MIKHAILOVSKY" PJSC and the credit rating of the registered coupon bonds of series А and В of the Issuer «BANK MYKHAILOVSKY» PJSC from uaВВВ to uaВВВ+ grade, the ratings outlook remains «positive».

Upgrading of the credit rating is due to the persistence of high rates of growth of the Bank's main performance indicators, which demonstrate a significant positive dynamics in spite of the unstable situation in the country and the Bank’s operating in the risky segment (consumer credit), as well as maintaining high capital ratios of «BANK MYKHAILOVSKY» PJSC . The Bank remains sensitive to credit risks because of certain concentration in the customer loan portfolio by major borrowers. There also remains dependence of the resource base of the main creditors. At the same time, the rating agency IBI-Rating notes the maintenance of good diversification of the Bank’s resource base and customer deposit portfolio by major depositors.

During the analyzed period operations of "BANK MIKHAILOVSKY" PJSC were profitable. Consequently, its performance indicators remain at a high level. The Bank's assets and liabilities are duly balanced by terms to maturity of up to 31 days.

IBI-Rating notes positive changes in the Bank's operations and its financial indicators (increased profitability, increased performance indicators) while maintaining this positive trend, along with maintaining good asset quality and diversification of the resource base, this may lead to a change in outlook or rating grade review. Downgrading of the rating of bank deposit reliability is possible in the event of worsening of the Bank’s solvency (liquidity); growth of credit risks due to deterioration of servicing of the granted loans and the Bank's increased vulnerability to market risks, as well as deterioration of the political and economic situation in the country. 

In order to perform the analytical research the materials provided by "BANK MIKHAILOVSKY" PJSC were used, including the annual financial statements for 2013-2015, other necessary internal information, as well as the information from the public sources, which the rating agency considers reliable.
 
Finance department
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