S&P improves outlook on rating of Russia’s VTB Bank to stable

MOSCOW, Sep 21 (PRIME) -- International rating agency Standard & Poor’s (S&P) has improved its outlook on BB+ long-term ratings of Russia’s second largest bank VTB Bank in national and foreign currencies to stable from negative, the agency said in a statement late on Tuesday.

On September 16, the agency improved the outlook on Russia’s ratings to stable from negative.

The agency’s move toward VTB ratings also covers VTB’s affiliates VTB Leasing, VTB Leasing Finance, VTB Capital, VTB Insurance, VTB’s units in Kazakhstan and Germany, and also Russian affiliates of international banking groups: BNP Paribas, UniCredit Bank, ICBC Bank, and Credit Suisse Securities (Moscow).

S&P has also improved outlooks to stable from negative on ratings of gas giant Gazprom; oil companies Rosneft, Gazprom Neft, and Lukoil; metals companies Novolipetsk Steel (NLMK) and Severstal; telecom companies MTS, MegaFon and Rostelecom; shipping company Sovcomflot; retailer Magnit; power utilities Federal Grid Company of Unified Energy Systems (FGC UES), Mosenergo and Russian Grids; oil pipeline monopoly Transneft; and Russian Railways and its affiliate Federal Passenger Company.

The agency’s negative outlook was affirmed on ratings of metals company Norilsk Nickel, fertilizer producer PhosAgro, and DME Ltd – parent company of Domodedovo International Airport – due to their financial results.

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