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S&P puts International Bank of Saint-Petersburg ratings on CreditWatch negative

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S&P puts International Bank of Saint-Petersburg ratings on CreditWatch negative

S&P Global Ratings on Oct. 5 placed International Bank of Saint-Petersburg (JSC)'s B-/B long- and short-term counterparty credit ratings on CreditWatch with negative implications.

The ratings action follows the Russian lender's extension of the maturity of its exposures to nonresident commodity traders, which has placed additional provisioning pressure on its balance sheet, the rating agency said.

S&P noted, however, that the bank has a feasible plan to significantly reduce the amount of its net nonresident exposure in 2017, complete unwind the exposures during 2018 and prepare contingencies if provisions exceed expectations.

The agency said it intends to resolve the CreditWatch within the next three months, since it expects to gain more clarity on the bank's liquidity position, as well as its ability to adhere to the schedule of reducing risk on nonresident exposures.

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