Research Update: Russian Sviaz-Bank Upgraded To 'BB' And 'ruAA' On Bank Criteria Change; Short-Term 'B' Affirmed; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Sviaz-Bank under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have raised our long-term rating on the bank to 'BB' from 'BB-' and the Russia national scale rating to 'ruAA' from 'ruAA-'. We have affirmed the short-term rating at 'B'. The outlook is stable. Our ratings on Sviaz-Bank reflect our 'bb' anchor for a commercial bank operating only in Russia, the bank's moderate business position, weak capital and earnings, moderate risk position, average funding, and adequate liquidity. We consider Sviaz-Bank to be a strategically important subsidiary for Vnesheconombank and incorporate a three-notch uplift above the bank's stand-alone credit profile into the long-term rating because of our expectations for support from the parent...

Companies mentioned in this report are: Sviaz-Bank
Action: Affirmed
Action: Outlook: Stable
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Sviaz-Bank

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