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MOSCOW, July 7. /TASS/. The Russian Analytical Credit Rating Agency (ACRA) assigned AAA(Ru) rating with the "stable" outlook to Citibank, the wholly owned subsidiary of US Citigroup, the rating agency said on Monday.
"The credit rating assigned to AO Citibank is based on a very high likelihood of extraordinary support from its parent company with a high creditworthiness. In view of its strong capital adequacy, adequate risk profile and notable positions in target market segments, Citibank’s standalone creditworthiness assessment is high," the Russian rating agency said. This is the first rating assigned to Citibank, ACRA said.
"ACRA is of the opinion that, in case of need, Citigroup will provide Citibank with short-term and long-term funding and capital injections," the rating agency said.
Citibank is among top 30 Russian banks by the amount of assets and equity and is ranked 20th among banking groups with the largest equity. 100% shares in the bank are held by Citigroup Inc. through a number of intermediate companies.