S&P ups National Factoring outlook to positive

Standard & Poor's said it revised its outlook on National Factoring Co. to positive from stable.

At the same time, the Russia national-scale rating was raised to ruBBB+ from ruBBB, the agency noted.

At the same time, the B- long-term and C short-term counterparty credit ratings were affirmed, S&P said.

The outlook revision and national-scale upgrade reflect the bank's ongoing improving diversification of clientele, products and geographic presence, the agency said, noting that the ratings reflect National Factoring's limited business and customer profile, a concentrated, vulnerable short-term funding base, earnings, challenged by squeezing interest margins and higher network costs and its relatively small asset size in both the Russian and global context.

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