Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of VTB Bank (Armenia)Global Credit Research - 24 Mar 2021London, 24 March 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of VTB Bank (Armenia) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 17 March 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.VTB Bank (Armenia)'s B1 local-currency deposit rating is based on its b3 Baseline Credit Assessment (BCA) and Moody's expectation of a high probability of affiliate support from its parent, Bank VTB, PJSC (Bank VTB, long-term LC deposit rating Baa3, b1 BCA).The bank's b3 BCA reflects its still high, albeit recently declined, legacy problem loans and risks stemming from the active growth in consumer lending. The difficult economic conditions in Armenia put pressure on the bank's asset quality and profitability, similar to its local peers. At the same time, the bank's BCA benefits from improving core earnings generation, sound liquidity profile and regular capital injections from its parent.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Banks Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Maria Malyukova Asst Vice President - Analyst Financial Institutions Group Moody's Investors Service Limited, Russian Branch 7th floor, Four Winds Plaza 21 1st Tverskaya-Yamskaya St. Moscow 125047 Russia JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Nicholas Hill MD - Financial Institutions Financial Institutions Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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