PROMSVYAZ : Standard & Poor's Confirms PSB Credit Rating at “BB-”

Standard & Poor's Ratings Services (S&P), international rating agency, has confirmed PromSvyazBank (PSB) credit rating at "BB-" with negative outlook.

S&P analysts note recent support from majority shareholders, totaling RUB 12.1 bn, and a RUB 15.7 bn capital increase in November 2015, as the key factors supporting PSB credit rating confirmation. In addition analysts note "strong market position" of the bank.

Over the past few years, PSB has proved its ability to raise capital in any macroeconomic conditions. In 1H2016, the Bank increased its capital by a total of RUB 12.1 bn, while total capital raised in 2015 was RUB 60 bn. PSB continues to implement its strategy aiming to increase the bank's capitalization.

"PSB rating confirmation reflects improved financial results of the Bank in 1H 2016. As a systemically important financial institution (SIFI) PSB fully complies with advanced regulatory requirements of the Central Bank in terms of capital adequacy and liquidity which gives addition assurance factor for the Bank. PSB business growth over the last few years reflects the bank's strategy realization. Monthly PSB attracts thousands of new clients to its SME and Retail business which positively underpins risk-free commission income growth"- PSB Deputy Chairman of the Management Board and CFO Vladimir Mamakin commented.