S&P ups Russia banks

Standard & Poor's said it took positive rating actions on six Russian banks, thanks to improved operating conditions and macroeconomic prospects.

The agency said affirmed Raiffeisenbank ZAO's revised its stand-alone credit profile to BB from BB- and affirmed its long-term, short-term and national scale ratings.

Bank Vozrozhdenie's long-term rating was upgraded to BB- from B+, along with its national scale rating to ruAA- from ruA+. The agency also affirmed its short-term rating.

The agency also upgraded Development Capital Bank OJSC's long-term rating to B from B- and national scale rating to ruA- from ruBBB+. Its short-term rating was affirmed.

S&P additionally revised to positive from stable the outlook of OJSC Alfa-Bank and affirmed its long-term, short-term and national scale ratings.

The agency also said it revised Ural Bank for Reconstruction and Development's outlook to positive from stable, upgraded its national scale rating to ruBBB+ from ruBBB- and affirmed its long- and short-term ratings.

International Bank of Saint-Petersburg's outlook was revised to positive from stable and its long-term, short-term and national scale ratings were affirmed.

S&P said it took these positive rating actions because it expects these banks will have sustainable levels of business and continue to recover from the economic crisis of 2008 and 2009.

Since 2009, most rated Russian banks have improved liquidity and lowered their dependence on foreign funding and central bank liquidity facilities, the agency said.

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