The international rating agency Moody’s changed the outlook on Vnesheconombank’s long-term local- and foreign-currency issuer rating to positive from stable, the agency announced on 29 January 2018.
The agency affirmed the bank’s long-term ratings at Ba1. The bank’s ratings and outlooks are in line with the Government of Russia’s sovereign rating. According to Moody’s, this reflects the government’s readiness to provide support to Vnesheconombank.
“Moody’s improvement of the outlook follows similar moves by Fitch and Standard & Poor's and proves that rating agencies have similar views on Vnesheconombank’s financial stability. In 2017, the bank was assigned top credit rating by the Russian rating agency ACRA. The government pays close attention to Vnesheconombank’s development strategy and operations and is prepared to provide the necessary support. The upgrade is essential for VEB as a development bank to create favourable financial conditions for supporting Russian high-tech exporters and facilitating the supply of finance to Russian projects,” said Nikolay Tsekhomskiy, First Deputy Chairman and Member of the Board of Vnesheconombank.