MOSCOW, Apr 21 (PRIME) -- International rating agency S&P Global Ratings has affirmed the long-term credit rating of Russia’s second biggest lender VTB Bank at BBB-, with a stable outlook, the agency said on Tuesday.
The short-term rating was affirmed at A-3.
“The affirmation reflects our view that, over the next 12–18 months, VTB will absorb the expected increase in credit costs related to economic recession in Russia following the COVID-19 outbreak and decline in global oil demand, without material deterioration of its credit profile,” the agency said.
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