S&P rates MKB-Leasing B+

S&P said it assigned B+ long-term and C short-term counterparty credit ratings to MKB-Leasing, along with an ruA Russia national scale rating.

The outlook is negative.

The company’s creditworthiness is based on its role as a core subsidiary of Credit Bank of Moscow, S&P said.

The ratings also reflect the unsupported group credit profile of Credit Bank, which is assessed at B+.

The ratings also consider the BB- anchor for commercial banks operating in Russia, as well as the B+ assessment of the company's stand-alone credit profile and one-notch positive adjustment included in the long-term rating based on the bank's moderate systemic importance in Russia, S&P explained.

MKB-Leasing benefits from extraordinary government support that Credit Bank might receive if needed, the agency added.

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