S&P Global Ratings 19 Dec 2017 left a long-term credit rating of the counterparty PJSC Promsvyazbank ‘ B+’, on CreditWatch Negative (“ratings on review with negative expectations”), where he was detained November 3, 2017 Short-term credit rating of the Bank was affirmed at “B”.
“Long-term PSB credit rating remains on CreditWatch Negative after the introduction of the Bank of Russia a temporary administration. The Bank of Russia said it will not impose a moratorium on satisfaction of priority creditors of the Bank. In our opinion, such intervention by the regulator will help stabilize credit metrics and liquidity, which were under strong pressure. Despite the fact that, according to our expectations, the Bank of Russia will provide financial support promsvjazbanka in order to ensure the continuity of its operating activities, negative pressure on the Bank’s credit profile may remain. The degree of this pressure depends on the assessment of the level of problem assets and details of the future business model of the Bank, including its management and ownership structure, which will become clear at the conclusion of the interim administration”, – stated in the materials of the Agency.