S&P lifts Sovcombank long-term rating to B+

S&P Global Ratings said it raised its foreign and local currency long-term counterparty credit ratings on Sovcombank to B+ from B. The outlook is stable.

At the same time, S&P affirmed the B short-term rating.

S&P also raised the Russia national scale rating to ruA from ruA-.

S&P said the upgrade reflects that the bank's financial performance has proved stronger than S&P previously expected amid weak economic conditions in Russia, but also alongside Sovcombank's gradual transformation into a universal bank with more-diversified earnings sources.

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