S&P boosts Commercial Bank Petrocommerce

Standard & Poor's said it raised its counterparty credit ratings on Commercial Bank Petrocommerce (OJSC) to B+/B from B/C.

At the same time, it raised its Russia national-scale rating on the bank to A+(ru) from A(ru).

The outlook is stable.

The agency said that the upgrade reflects the bank's good progress in strengthening its corporate franchise, its improving recurrent profitability and good capitalization.

According to S&P, the ratings are constrained by the bank's untested new loan portfolio performance due to rapid lending growth, its high exposure to the volatile Russian securities markets and the risky operating environment in Russia.

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