Concurrently, Moody's Interfax Rating Agency assigned to the Maritime Bank a long-term national scale credit rating (NSR) of Baa1.ru. The outlook on the long-term global scale ratings is stable, whilst the NSR carries no specific outlook. Moody's notes that the Maritime Bank's ratings, among other factors, are backed up with (i) the bank's good profitability with a return on average assets (RoAA) of 2.4% in 2010 (1.8% in 2009); (ii) acceptable asset quality with a problem loans ratio (problem loans in proportion to total loans) of just about 10% at year-end 2010, adequately covered by a loan loss reserves ratio of 9.1%; and (iii) a small but established niche franchise in maritime finance that benefits from being a part of Industrial Investors Group that includes FESCO, one of Russia's largest transportation companies. Igor Dergunov, the Bank's Chairman, commented on the rating action: "B2 is a high level compared to other Russian banks.