S&P upgrades Bank Uralsib

Standard & Poor's said it raised the long-term counterparty credit rating on Bank Uralsib PJSC to CCC+ from SD (selective default), along with its short-term counterparty credit rating to C from SD.

The outlook is positive.

The upgrade follows the bank’s cancellation of its subordinated debts, S&P said.

After the recent ownership change and completed cleaning of impaired assets – thanks to received financial support – the bank's creditworthiness has improved substantially, the agency said.

On Nov. 16, the bank cancelled all of its outstanding subordinated debts, including non-hybrid “old style” loans without loss-absorption features, S&P said.

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