S&P rates Web-invest Bank

Standard & Poor's said it assigned its CCC long-term and C short-term counterparty ratings to Russia-based Web-invest Bank.

The outlook is stable.

"The ratings on Web-invest reflect its limited size and track record, highly concentrated assets, and dependence on trading volumes of Russian equities," said S&P credit analyst Ekaterina Trofimova. "These negative factors are somewhat offset by the bank's improving franchise, fairly transparent ownership, and adequate capitalization."

S&P said the future direction of the ratings will largely depend on the bank's ability to build up a diversified business and client base, which could also smooth out the potential performance volatility relating to Web-invest's high market risks and significant dependence on trading gains to sustain earnings.

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