S&P ups Bank Soyuz

Standard & Poor's said it raised the Russia national scale rating on Bank Soyuz to ruBBB from ruBBB- and affirmed its B- long-term and C short-term counterparty credit ratings.

The outlook is stable.

The upgrade reflects an improvement in the bank's financial profile, in particular its funding and capital, due to substantial ongoing funding and capital support from the Russian government, S&P said.

The bank's creditworthiness is still, however, constrained by the bank's weak asset quality, uncertainties about future business development in a risky, volatile and increasingly competitive operating environment, the agency said, and still weak profitability.

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