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RA Moody's assigns Caa2 Global Scale Ratings to Raiffeisen Leasing Aval

April 06, 2016 | Cbonds

Moody's Investors Service has today assigned first-time Caa2 Long-term Issuer and Corporate Family Ratings to Raiffeisen Leasing Aval. The outlook on the ratings is stable. Concurrently, the rating agency has affirmed the company's B2.ua National Scale Issuer and Corporate Family Ratings.

RATINGS RATIONALE

Raiffiesen Leasing Aval's (RLA) ratings are driven by its very weak standalone credit profile and very high level of support from its parent Raiffeisen Bank Aval (caa3 BCA/Caa2 stable LC deposit rating). RLA is a highly integrated subsidiary of its parent and operates as Raiffeisen Bank Aval's leasing division. Almost all of the company's funding is provided by the parent bank. Therefore RLA's Caa2 ratings are in line with the local currency deposit ratings of Raiffeisen Bank Aval.

RLA's very weak standalone credit profile is constrained by the highly challenging operating environment in Ukraine, weak asset quality, low liquidity cushion and lack of shareholders' equity (the company is not required by regulations to maintain a minimum capital ratio).

WHAT COULD MOVE RATINGS UP OR DOWN

RLAs ratings will likely move in tandem with the ratings Raiffeisen Bank Aval.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance Companies published in October 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Moody's National Scale Credit 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 credit 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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in April 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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