S&P lifts Bank of Saint-Petersburg

Standard & Poor's said it raised the long-term issuer credit ratings on International Bank of Saint-Petersburg to B from B- and affirmed its short-term ratings at C.

The agency also raised the national scale rating to ruBBB+ from ruBBB.

The outlook is stable.

The upgrade reflects the gradual improvement in the bank's risk profile, S&P said.

The agency said it continues to believe that the bank's loan loss experience is better than the system average, due to its selective underwriting approach in targeting borrowers from the less risky public sector.

At the same time, the bank's loan loss provisions are at the higher end of the average for the banking system at 8.95% of total loans as of June 30, S&P said.

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