By Andrei Skvarsky.
The Indian subsidiary of Fitch Ratings has assigned its highest credit rating to a 1bn-rupee ($15.5m) certificate-of-deposit programme to be launched by the Indian branch of Sberbank, Russia’s biggest lender.
India Ratings & Research (Ind-Ra), which is wholly owned by Fitch Group, said in a statement that the IND A1+ rating assigned to Sberbank India’s programme reflects “the financial strength of [its] parent, Sberbank of Russia, and Ind-Ra’s expectation of continued strong support from the parent”.
Sberbank’s Indian branch, set up in 2010 and located in New Delhi, has a credit portfolio of 3bn rupees ($46m). Its total assets exceed 4.6bn rupees ($70.6m) and its capital-to-asset ratio is 59.49 per cent.
Sberbank said in a statement that the branch “only performs operations using its own funds, while, as its assets grow, the branch may consider issuing deposit certificates in the future”.