S&P affirms and withdraws ratings of “Svyaz-Bank”

S&P Global Ratings on 24 November 2017, affirmed long-and short-term credit ratings of “BB-” AKB “Svyaz-Bank” and withdrew them at the request of the Issuer. The forecast at the time of the review was “negative”.

“The affirmation reflects our view that in the last few months features credit JSCB “Svyaz-Bank” began to stabilize after the deterioration from the end of 2015, the Bank’s Ability to maintain market positions and business relationships with customers allowed to stop customer churn, and develop new business in the second half of 2017 in addition, the Bank has managed to reduce the volume of bad loans approximately to 11.5% (from a peak of 14% observed at the end of 2016) and to provide a sufficient level of redundancy. We take note of the initiative of PJSC JSCB “Svyaz-Bank” to improve risk management practices and procedures for underwriting, however, we note that the results will become visible only as the fulfillment of obligations on new loans,” – said in a press release from the Agency.

S&P affirms and withdraws ratings of “Svyaz-Bank” 24.11.2017

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