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S&P ups Vnesheconombank
Standard & Poor's said it raised its long-term foreign and local currency issuer credit ratings on Vnesheconombank (VEB) to BBB from BBB- and to BBB+ from BBB, respectively.
At the same time, the short-term ratings on VEB were raised to A-2 from A-3. The outlook is stable.
S&P said the upgrade of VEB follows the same action on The Russian Federation (foreign currency BBB/stable/A-2, local currency BBB+/stable/A-2).
The agency added the ratings on VEB are equalized with those on the sovereign, reflecting the strong support of the Russian government, underpinned by the government's direct 100% ownership of VEB and the Bank's key public policy role.
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