Russian rating agency Expert RA has assigned a B++ creditworthiness rating (acceptable creditworthiness) to Intechbank. Main factors of a positive impact to the lender’s creditworthiness are the broad diversification of the resource base by clients and lending sources, and also strong margins, the agency said in a press release.

The rating is positively influenced by modest loans overdue (0.87% as of October 1, 2008). Among positive factors the agency also takes into account strong strategic support of operations and sufficient information transparency.

Deterioration of the bank’s capital adequacy ratio was recognized as a decisive factor limiting the bank’s creditworthiness. The lending institution’s capital adequacy ratio deteriorated from 25.4% as of April 1, 2007 to 17% as of January 1, 2009. The rating was also dampened by the limited scope of business (the bank operates largely in the Republic of Tatarstan), the imbalanced structure of assets and liabilities in terms of maturity and considerable reliance on the inter-bank lending market.