S&P affirms Bank Otkritie short-term

S&P said it maintained the developing CreditWatch on Bank Otkritie Financial Co.’s B+ long-term counterparty credit rating.

The agency said the B+ issue rating on the senior unsecured debt also remains on CreditWatch developing.

At the same time, S&P affirmed the B short-term rating and removed it from CreditWatch developing, where it was placed on Aug. 31. The agency said that placing the short-term rating on CreditWatch developing was an error, and it should have placed it on CreditWatch negative at that time.

The error did not affect the bank’s ratings.

“We kept our B+ long-term rating on BOFC on CreditWatch developing to reflect our view that a number of important details regarding the bank's financial rehabilitation, such as the amount of required capital support and possibility to merge with other financial institutions, still need clarification,” the agency said in a news release.

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