CREDIT RATING WITHDRAWAL RATIONALE
At the rated entity's request, ACRA has withdrawn the AAA(RU) credit rating, "Rating under review: developing" status, previously assigned to JSC Sumitomo Mitsui Rus Bank.
regulatory disclosure
The credit rating of JSC Sumitomo Mitsui Rus Bank was previously assigned under the national scale for the Russian Federation based on the Methodology for Credit Ratings Assignment to Banks and Bank Groups under the National Scale for the Russian Federation, Methodology for Analyzing Rated Entities Associated with a State or a Group, and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.
The credit rating of JSC Sumitomo Mitsui Rus Bank was published by ACRA for the first time on July 21, 2020.
The credit rating was assigned based on data provided by JSC Sumitomo Mitsui Rus Bank, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS statements of JSC Sumitomo Mitsui Rus Bank and the financial statements of JSC Sumitomo Mitsui Rus Bank drawn up in compliance with Bank of Russia Ordinance No. 4927-U dated October 8, 2018. The credit rating is solicited, and JSC Sumitomo Mitsui Rus Bank participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided additional services to JSC Sumitomo Mitsui Rus Bank. No conflicts of interest were discovered in the course of credit rating assignment.
