S&P rates Sotsgorbank

Standard & Poor's said it assigned its CCC/C counterparty credit ratings to Sotsgorbank.

At the same time, the agency said it assigned its BB-(ru) Russia national-scale rating to the bank.

The outlook is positive.

S&P said that the ratings on Sotsgorbank reflect its limited commercial franchise, its high concentrations in lending and constrained financial flexibility.

The bank does, however, benefit from adequate recurring earnings and capital and a stable ownership and management structure, the agency added.

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