MOSCOW (Standard & Poor's) July 5, 2007--Standard & Poor's Ratings Services said today that it affirmed its 'B+/B' counterparty credit ratings on Russia-based Rosbank OJSC (Rosbank). At the same time, the 'ruAA-' Russia national scale rating was also affirmed. The outlook is positive. The affirmation reflects Société Générale's (SocGen; AA/Stable/A-1+) continued strategic interest in Rosbank. SocGen's existing holding in Rosbank is 20% less one share. "The ratings on Rosbank already incorporate operational and managerial support from SocGen, which we reflect by adding one notch to our stand-alone credit assessment of Rosbank," said Standard & Poor's credit analyst Eugene Tarzimanov. The positive outlook reflects the fact that we consider it likely that SocGen will acquire a majority ownership in Rosbank before...
Companies mentioned in this report are:
- Rosbank OJSC JSCB
- Societe Generale
Action: Outlook: Positive
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Research type: News
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