International rating agency Standard & Poor’s has upgraded its long-term local currency and foreign currency credit ratings on Bank Otkritie from B to B+. The ratings carry a stable outlook. Furthermore, the bank’s national scale rating was upgraded from ruA to ruA+.
As S&P said in a press release, the rating upgrade reflects the financial institution’s gradual integration into Nomos-Bank Group where it will become a primary retail division. Although this process is not risk-off, the agency thinks that the likelihood of growing operating risks or execution risks has subsided. Moreover, the rating upgrade reflects the agency’s opinion that Bank Otkritie has turned into a “strategically very important” subsidiary of Nomos-Bank Group, S&P analysts point out.
In addition, the agency assigned long-term local currency and foreign currency credit ratings of BB- (outlook stable) and national scale ratings of ruAA- to Nomos-Bank and Bank of Khanty-Mansiysk.
