S&P: Bank of St. Petersburg view negative

Standard & Poor's said it revised the outlook on International Bank of St. Petersburg to negative from stable and affirmed the B-/C long- and short-term counterparty credit ratings and ruBBB- Russia national scale rating.

"The outlook revision reflects the deteriorated operating environment in which IBSP operates, putting pressure on its financial profile and performance," S&P analyst Ekaterina Trofimova said in a statement.

The risks that the bank faces are exacerbated through its limited customer franchise, high single-name concentration, low capitalization and financial flexibility, according to the agency.

These factors are partially mitigated by the bank's name recognition in its home region of St. Petersburg, sizable liquid assets, moderate market risk and foreign-currency denominated loans, the agency said.

Ratings reflect the bank's standalone credit profile and do not factor in extraordinary external support from its owner or the government, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.