S&P affirms Russian Home Credit

Standard & Poor's said it affirmed its B+ long-term and B short-term counterparty credit ratings on Russian Home Credit and Finance Bank LLC.

The outlook is stable.

The affirmation follows the announcement that the owner of Russian Home Credit, the PPF Group NV (not rated), has entered into a preliminary agreement with the shareholders of midsize Russian Nomos Bank (not rated) to establish a mutually owned holding company that will, in turn, become the new owner of Russian Home Credit and Nomos Bank, the agency said.

S&P said that the stable outlook reflects the expectation that Russian Home Credit will improve its profitability while keeping its high risk-reward strategy.

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