S&P upgrades RNKO

S&P said it revised the group credit profile for CFT Group to BB+ from BB and raised the long-term issuer credit rating on core subsidiary, Credit Union Payment Center (RNKO), to BB+ from BB.

The agency also said it affirmed the B short-term rating on RNKO.

CFT Group's creditworthiness has improved relative to peers due to a more supportive operating environment, positive secular trends in electronic payments, sustained leading market positions and an unchanged zero debt policy, S&P said.

The upgrade also reflects its resilient operating and the recovery of the remittance market in Russia and the Commonwealth of Independent States (CIS), the agency said.

The company also has improving competitive strength in its information technology (IT) business segment, S&P added.

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