S&P affirms Promsvyazbank

Standard & Poor’s said it affirmed its BB-/B long- and short-term counterparty credit ratings on Promsvyazbank OJSC. The outlook is negative.

At the same time, S&P affirmed its ruAA- Russia national scale rating on the bank.

The long-term counterparty credit rating and the national scale rating were removed from CreditWatch with negative implications, where S&P had placed them on Oct. 2.

“The affirmation reflects our view that Promsvyazbank’s recent Russian ruble (RUB) 15.7 billion (about $230 million) Tier 1 capital increase, along with planned preferred shares issuance in 2016, should reduce short-term pressure on the bank’s capital ratios, somewhat offsetting negative profitability,” S&P said in a news release.

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