S&P lowers Vnesheconombank

Standard & Poor's said it lowered Vnesheconombank's long- and short-term foreign currency counterparty credit ratings to BBB-/A-3 from BBB/A-2 and its long-term local currency counterparty credit rating to BBB from BBB+.

The agency affirmed its A-2 short-term local currency counterparty credit rating on VEB.

The outlooks remain negative.

S&P said the downgrade follows its April 25 downgrade of the Russian Federation. S&P currently equalizes its long-term ratings and outlook on Vnesheconombank with those on Russia.

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