Russia’s largest private bank earns top credit score

A top Chinese rating agency has upgraded Alfa-Bank to AAA

Russia’s largest private lender, Alfa-Bank, has had its credit rating upgraded to AAA by Lianhe Global, a top Chinese rating agency, according to a press release published by the bank on Friday.

The AAA rating reflects the highest possible level of creditworthiness, signifying extremely low default risk, and a strong ability to meet financial obligations. This designation is consistent across most national and international rating systems, including those used in China.

“Analysts from the [Chinese] agency conducted a comprehensive assessment and highly rated our fundamental indicators – our systemic importance to the economy, the highest quality of assets, a transparent corporate governance system, and a clear development strategy for Alfa-Bank,” said the bank’s CEO, Vladimir Verkhoshinskiy.

The top executive emphasized that the highest possible credit rating is an important strategic asset for the lender’s further work on the international stage.

In 2024, Alfa-Bank became the first Russian bank to be assigned a credit rating (AA-) from a Chinese rating agency, Lianhe Global, after it opened branches in the country’s two key cities, Beijing and Shanghai. Later that year, the bank launched a website and customer support service in Chinese for businesses operating in the country.

The move reflects growing economic ties between Moscow and Beijing after the two countries declared a “no limits” friendship. This process has accelerated amid rising tensions between Russia and the West over the Ukraine conflict and multiple waves of sanctions.

US-based agencies Moody’s, S&P, and Fitch, which currently dominate the global credit rating market, suspended their operations in Russia in 2022 in response to sanctions pressure.

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