S&P raises International Bank of Saint-Petersburg

Standard & Poor's said it raised its long-term counterparty credit and certificate of deposit ratings on International Bank of Saint-Petersburg (IBSP) to CCC+ 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.

The Russian national-scale rating was raised to BB(ru) from B+(ru), the agency said, noting the rating upgrade reflects IBSP's improving commercial franchise and consistent financial performance due to its improving revenue structure.

The agency said the bank also benefits from the fast-growing Russian economy, but the ratings remain constrained by the bank's still limited customer franchise, high single-name lending and funding concentrations, its barely adequate capitalization and low core profitability.

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