Press Releases / 18.11.2015
Press Release as of 18.11.2015
AK&M Rating Agency has downgraded the credit rating of Status-A LLC from 'A' sub-level 3, to 'B++', sub-level 2, with a negative outlook.
The negative rating action reflects a substantial depreciation of the Company's financial investments and expectations of weaker support from the majority owner.
The 'B++' rating indicates that Status-A LLC qualifies as a sufficiently creditworthy borrower. The risk of a delay in meeting obligations is moderate, the full or partial debt restructuring risk is insignificant. The rating assignment was based on the Credit Rating Methodology for Corporates (Issuers) and Financial Assets rev. January 23, 2014 including the amendments approved by the Methodology Committee on February 18, 2015).
The bulk of financial investments of Status-A LLC (up to 85.4%) are attributable to shares of Commercial Bank Russky Slaviansky Bank (JSC BANK RSB 24) which forfeited its banking license on November 10, 2015 in accordance with the Bank of Russia Order no. OD-3095.
At the same time, Status-A LLC did not have loan debts as of the last reporting date, which, in our view, supports the Company's rating.
Status-A LLC has been actively developing its investment business since 2010. The company is registered at the place of its subsidiary bank RUSSLAVBANK (Prospekt Mira 3, bld. 3).
As of July 1, 2015, the Company's authorized capital totaled RUB 2,031.1 million. The ultimate beneficiary of Status-A LLC is Abdulzhelil Makhmudovich Abdulkerimov, Chairman of the Board of Directors and a shareholder of RUSSLAVBANK.
Company name: Status-A LLC.
As of July 1, 2015, assets of Status-A LLC amounted to RUB 2.07 billion, equity capital was RUB 2.07 billion. The Company's auditor is Intek-Audit Ltd.
AK&M Rating Agency assigned a credit rating to Status-A LLC for the first time on August 5, 2014. The last rating action in relation to the Company was taken on September 15, 2015. All rating action announcements are available on the akmrating.ru website.
The rating is valid until mid-September 2016. AK&M Rating Agency may revise the rating and/or the outlook during this period if circumstances fundamentally influencing the Company's creditworthiness are revealed.
For estimation purposes, we completely rely on the reliability of information provided by the Company. The rationale for AK&M Rating Agency's judgment on the rating may include information acquired from other sources we deem to be reliable; however, the agency does not check the input data exhaustively and disclaims all responsibility for their possible errors.
This press release is based on the Credit Rating Methodology for Corporates (Issuers) and Financial Assets rev. January 23, 2014 including the amendments approved by the Methodology Committee on February 18, 2015).
The rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's creditworthiness and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.
AK&M Rating Agency shall not be held liable for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.
AK&M Rating Agency is a leading independent national rating agency engaged in rating activities since 1993. CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.
AK&M Rating Agency
Ul. Gubkina 3, Moscow, Russia
Phone no. (495) 916-70-30, fax no.: (499) 132-69-18.