S&P affirms Bank Uralsib

Standard & Poor's said it affirmed its B- long-term and C short-term counterparty credit ratings on Bank Uralsib OJSC.

The outlook is positive.

"The ratings on Uralsib reflect the still risky, albeit progressively improving, environment in which the bank operates, the bank's modest core profitability and its relatively high level of single-name concentrations in loans and deposits," said S&P credit analyst Ekaterina Trofimova.

The agency said these negative rating factors are partly mitigated by Uralsib's growth in core revenues and solid business franchise, which improves the bank's chances of successful expansion.

The ratings are also supported by Uralsib's dominant market position in the Republic of Bashkortostan (BB-/stable) and close relationship with the regional government, S&P added.

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