S&P Global Ratings on Feb. 27 upgraded Vnesheconombank's long- and short-term foreign-currency issuer credit ratings to BBB-/A-3 from BB+/B and its long- and short-term local-currency issuer credit ratings to BBB/A-2 from BBB-/A-3, with stable outlooks on the long-term ratings.
The ratings upgrade is based on a similar action that the agency took on Russia on Feb. 23. S&P bases its ratings on VEB on its view of the bank's status as a government-related entity, with an almost certain likelihood of support in case of financial distress. The outlook on the lender reflects that on the sovereign, the rating agency added.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
