S&P upgrades Ravnaq Bank

S&P said it raised the ratings on Ravnaq Bank to B-/B from CCC+/C and removed them from CreditWatch with developing implications.

The outlook is stable.

The positive rating action reflects a view that the extensive amount of capital injections provided to the bank by its beneficiary shareholder released regulatory pressure, S&P said.

The agency said it believes shareholder capital support and the bank's broad business relations mitigate concerns about its deteriorated liquidity position.

The stable outlook considers a belief that Ravnaq's increased capital buffers and the owners' commitment to support the bank mitigates risks related to the bank's relatively aggressive liquidity policy and fast growth strategy, S&P said.

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