Moody's affirms TCS Group ratings, changes outlook to Positive

MOSCOW, Jul 8 (PRIME) -- International rating agency Moody’s Investors Service has upgraded the outlook on long-term deposit ratings in foreign and local currencies of Russia’s TCS Group, which includes Tinkoff Bank, to Positive from Stable, and affirmed the ratings at Ba3, the agency said in a statement on Thursday.

“The outlook revision on Tinkoff's ratings to positive from stable is driven by the bank's strengthening business diversification with increasing share of non-credit business revenue stream, which makes its earnings less cyclical and underpins loss absorption capacity,” is said.

“The affirmation of Tinkoff's ratings and rating assessments reflects the bank's demonstrated resilience to the recent economic downturn in Russia,” it also said.

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