S&P ups Promsvyazbank

S&P said it upgraded its long-term rating on Promsvyazbank to BB from BB-.

“We raised our ratings because we now see a higher likelihood that the government will provide Promsvyazbank with financial support if needed, taking into account the bank’s increased role as a dedicated bank servicing the country’s strategically important defense sector. We believe this enhances the bank’s credit quality,” S&P said in a press release.

The outlook is stable.

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