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S&P upgrades VTB Bank's Georgian unit

S&P Global Ratings on Oct. 15 upgraded JSC VTB Bank (Georgia)'s long-term issuer credit rating to BB from BB-, following a similar action on the sovereign.

The rating agency also changed the outlook on the rating to stable from positive, reflecting its view that the bank will maintain adequate capital levels over the next 12 to 18 months and will remain competitive in Georgia's gradually tightening competitive environment.

S&P Global Ratings noted that it continues to consider the bank to be a strategically important unit of Russian lender VTB Bank PJSC, which it expects to provide both ongoing and extraordinary support to VTB Bank (Georgia) if needed.

The agency affirmed VTB Bank (Georgia)'s short-term issuer credit rating at B.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.