(The following statement was released by the rating agency)
Oct 04 - Overview
-- We are assigning our 'B' long- and short-term and 'ruA-' Russia national scale ratings to Russia-based Baltic Financial Agency Bank (BFA Bank).
-- In our opinion, BFA Bank has a moderate business position, adequate capital and earnings, a weak risk position, average funding, and adequate liquidity.
-- The stable outlook reflects the balance between the bank's continuing expansion and our view of persistently high concentrations on both sides of the balance sheet over the next year.
On Oct. 4, 2012, Standard & Poor's Ratings Services assigned its 'B' long-term and 'B' short-term counterparty credit ratings to Russia-based Baltic Financial Agency Bank (BFA Bank). The outlook is stable. At the same time, we assigned a Russia national scale rating of 'ruA-' to the bank.