S&P Global Ratings upgraded the long-term issuer credit rating of Russia-based PJSC West Siberian Commercial Bank to BB+ from B+, with a positive outlook.
The rating agency also removed the long-term rating from CreditWatch with positive implications, where it was placed Nov. 15, 2018, and affirmed the short-term issuer credit rating at B.
The upgrade comes after VTB Bank PJSC completed its acquisition of West Siberian Commercial Bank. Following the acquisition, West Siberian Commercial Bank would be considered a strategically important unit of VTB, which is expected to provide extraordinary support if needed, S&P noted.
The positive outlook, meanwhile, reflects S&P's assumption that the integration and full merger of the bank into VTB would be completed by May 2020.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.