S&P ups Vozrozhdenie Bank

S&P said it raised its long-term issuer credit rating on Vozrozhdenie Bank to B+ from B and removed the rating from CreditWatch with developing implications, where it was initially placed on June 19. The outlook is positive.

At the same time, S&P affirmed its B short-term issuer credit rating on the bank.

“The rating action follows VTB Bank's acquisition of Vozrozhdenie Bank. We now see Vozrozhdenie Bank as a moderately strategic subsidiary of VTB Bank (BBB-/stable/A-3) and expect it will benefit from ongoing implicit or explicit support of a stronger financial group, as well as access to the group's IT infrastructure and managerial expertise,” S&P said in a news release.

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