S&P ups Impexbank to B-

Standard & Poor's said it raised its long-term counterparty credit and certificate of deposit ratings on JSC Impexbank to B- from CCC+.

At the same time, the C short-term counterparty credit and certificate of deposit ratings on the bank were affirmed. The outlook is stable.

S&P said the upgrade reflects the bank's good potential to strengthen its commercial franchise in Russia's growing economy, continuing contraction in exposures to related parties in both assets and liabilities, relatively good diversification of its funding base and a focused development strategy on the fast-developing retail and small and midsize enterprise market in Russia.

The ratings remain constrained by the bank's modest capitalization, low core profitability and high single-party lending concentrations, S&P said.

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