On June 6, 2017, international rating agency Moody's Investors Service has upgraded LOCKO-Bank’s long-term local and foreign-currency deposit ratings to B1 from B2. The upgrade reflects the robust financial fundamentals of the Bank demonstrated by its resilience to the economic downturn of 2014-2015.
The rating agency has also upgraded Bank's baseline credit assessment (BCA) to b1 from b2 and its Counterparty Risk Assessment to Ba3(cr) from B1(cr). The overall outlook on the bank's ratings remains stable.
Stanislav Boguslavskiy, Chairman of the Board of Directors:“LOCKO-Bank is an active participant in the economic system, continuously demonstrating financial efficiency, modernizing business processes and developing innovative approaches to customer service. During the acute phase of the crisis of 2014-15 the Bank has proved resilience to negative external factor, without reducing the pace of development. During this time, LOCKO-Bank found new market niches, in particular, the Bank became an active player in the market of bank guarantees for SMEs, confidently taking a place in TOP-5 banks in terms of the number of guarantees issued. LOCKO-Bank continued to actively develop retail, increasing its highly profitable retail loan portfolio with controlled risk, which allowed to reduce the level of NPL annually.