S&P lowers Russian Standard Bank notes

Standard & Poor’s said it corrected the Greater China Regional Scale rating on senior unsecured loan participation notes issued by special purpose vehicle Russian Standard Finance SA for Russian Standard Bank JSC by lowering it to cnBB- from cnBB.

The notes affected include the company’s ¥500 billion 8% loan participation notes series 12 due Feb. 14, 2015.

The ratings and Russia national scale rating on Russian Standard Bank and all other issues, rated on a global or local rating scale, are unaffected.

The agency said it lowered the ratings on the notes to correspond with the long-term counterparty credit rating on Russian Standard Bank.

The outlook remains negative, reflecting the bank’s increasing risks in unsecured lending in Russia and an opinion that its loan portfolio deterioration could continue throughout 2014, S&P said.

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