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S&P affirms, withdraws Russia-based Development Capital Bank's ratings

S&P Global Ratings on Oct. 9 affirmed JSC Development Capital Bank's long- and short-term counterparty credit ratings at B-/B and subsequently withdrew the ratings at the company's request.

The outlook was negative at the time of withdrawal.

The agency said the affirmation reflects its view of the Russian bank's highly concentrated business and its limited market position. However, S&P noted that the risks were slightly mitigated by the lender's knowledge of niches in which it operates and its robust customer relationships.

The negative outlook reflects the agency's view that the lender's high business concentration could lead to higher credit losses and weaker-than-expected profitability in the next 12 months.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.