S&P upgrades ABH Financial

S&P said it raised the long-term issuer credit rating on ABH Financial Ltd. to BB- from B+ and affirmed its short-term issuer credit rating at B.

The agency also affirmed the BB+ long-term and B short-term issuer credit ratings on Alfa-Bank JSC, ABH's main operating entity. Alfa-Bank's subordinated debt also was upgraded to B+ from B.

The outlook on both companies is stable.

The upgrades reflect a view that consolidated group's risk profile has proven resilient to the challenging operating conditions in Russia, S&P explained.

This was seen in consistently good revenue generation and lower-than-average credit costs over the recent years, the agency said.

S&P also noted the group's significant progress in reducing credit risk concentrations.

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