S&P changes CB Renaissance Credit view

S&P said it revised its outlook on CB Renaissance Credit LLC to positive from stable and affirmed its B-/B long- and short-term issuer credit ratings.

The agency said the outlook revision reflects a view that Renaissance Credit's creditworthiness may improve in the next 12-18 months if it continues to demonstrate stable asset quality and lower cost of risk than most other retail banks in Russia.

S&P said the positive outlook indicates that it could raise the ratings in the next 12 months if the bank's credit profile improves further, with stable asset quality, profitability and business volumes, alongside credit losses no higher than those of regional peers with a similar business model.

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