S&P raises Impexbank

Standard & Poor's said it raised its long- and short-term counterparty credit ratings on JSC Impexbank (Impex) to BB+/B from B-/C.

At the same time, the ratings were removed from CreditWatch with positive implications, where they had originally been placed on Feb. 1, the agency said.

The outlook is positive.

S&P added that the upgrade is based on Impex's 100%-ownership by Raiffeisen International Bank-Holding AG (not rated), noting that it views Impex as a strategically important subsidiary.

S&P said that the ratings on Impex reflect the expectation of significant benefits from membership in the RI group in terms of risk-management, liquidity, IT and managerial support.

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