S&P upgrades VTB Bank

S&P said it raised its long- and short-term issuer credit ratings on VTB Bank JSC and VTB Capital plc to BBB-/A-3 from BB+/B.

At the same time, the agency raised its long-term issuer credit rating on VTB Insurance Ltd. to BBB- from BB+ and raised the long-term issuer credit ratings on VTB Bank (Kazakhstan) to BB+ from BB and affirmed the B short-term issuer credit rating.

The outlooks are stable.

S&P also raised the Kazakhstan national scale rating on VTB Bank (Kazakhstan) to kzAA- from kzA and raised its ratings on VTB Bank's senior debt to BBB- from BB+ and affirmed the B- ratings on the subordinated debt.

“The actions reflect the improvement in Russia's credit quality, as well as our view that VTB Bank is a government-related entity with a very high likelihood of receiving extraordinary government support if necessary,” the agency said in a news release.

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