RIA NOVOSTI. International rating agency Standard & Poor’s has raised its short-term rating on Raiffeisenbank by a notch from A-3 to A-2 after a similar rating action on Russia’s short-term sovereign rating, the agency said in a press release.
The agency also affirmed the lending institution’s long-term credit rating at BBB, a stable outlook, as is the case for Russia’s rating outlook.
S&P experts adopted a decision to upgrade Russia’s short-term rating after they revised interrelation criteria of long- and short-term ratings and sovereign ratings.
Despite the fact that Raiffeisenbank is a strategically vital asset for the parent group, Raiffeisen International, the agency pegs its ratings to Russia’s as Raiffeisenbank’s performance indicators heavily rely on Russian economic conditions.
Austrian banking holding Raiffeisen International operates in 17 countries in Central and Eastern Europe. In Russia Raiffeisen International Group owns Raiffeisenbank.
