S&P upgrades Bank Uralsib

S&P said it raised the long-term rating on Bank Uralsib OJSC to B from B- and affirmed the B short-term rating.

The bank's operating results have significantly improved since the bank was put under financial rehabilitation at the end of 2015, S&P said.

The bank has progressed with cleaning its balance sheet from problematic assets, the agency said.

S&P said it expects the bank will maintain sound operating performance.

The stable outlook reflects an expectation that Uralsib's credit profile will remain largely unchanged in the next 12 months as it proceeds with its moderately conservative lending growth strategy and continues to clean up its balance sheet, S&P said.

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