S&P ups Promsvyazbank outlook to positive

Standard & Poor's said it revised its outlook on Promsvyazbank OJSC to positive from stable.

At the same time, the B/B counterparty credit ratings were affirmed, the agency said, noting that the rating action reflects the lower-than-anticipated impact of the economic slowdown on the bank's financial profile as well as its improved liquidity, strengthening risk management, and the gradually stabilizing operating environment in the Russian Federation (foreign currency BBB/stable/A-3, local currency BBB+/stable/A-2, Russia national-scale rating ruAAA).

"The ratings continue to reflect its view of the bank's high credit risk and provisioning needs, negative interest margin trends, and barely adequate capitalization," said S&P credit analyst Sergey Dementiev.

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