S&P Global Ratings on June 2 withdrew the Russia national scale ratings of various financial institutions in the country.
The move follows a change in Russian law that makes the ratings ineligible for regulatory purposes after July 14, S&P noted. Ratings withdrawn included:
* The "ruAAA" Russia national scale ratings of Eurasian Development Bank and VEB-Leasing JSC.
* The "ruAA+" Russia national scale ratings of JSC The Agency for Housing Mortgage Lending, Industrial & Commercial Bank of China Ltd.'s Bank ICBC (JSC), BNP Paribas SA's BNP Paribas Bank JSC, Ingosstrakh Insurance Co. Ltd., Société Générale SA's LLC Rusfinance Bank, JSC VTB Bank, VTB Leasing Finance OJSC, VTB-Leasing JSC and VTB Insurance Ltd.
* The "ruAA" Russia national scale ratings of JSC ALFA-BANK and Credit Union Payment Center (LLC).
* The "ruAA-" Russia national scale ratings of PAO Credit Bank of Moscow, PAO Promsvyazbank, JSCB RosEvroBank (JSC), PJSC State Transport Leasing Co., Vozrozhdenie Bank and Vnesheconombank's Interregional Bank for Settlements of the Telecommunications & Postal Services, or Sviaz-Bank.
* The "ruA" Russia national scale ratings of Otkritie Holding JSC unit Otkritie Financial Corp. Bank, VEB's GLOBEX Commercial Bank JSC, MKB-Leasing, PJSC West Siberian Commercial Bank and PJSC Sovcombank.
* The "ruA-" Russia national scale ratings of JSC Bank SOYUZ, B&N Bank, CentroCredit Bank and National Factoring Co. (JSC).
* The "ruBBB-" Russia national scale ratings of Commercial bank Renaissance Credit (LLC), JSC Development Capital Bank, International bank of St-Petersburg (JSC) and PJSC Ural Bank for Reconstruction and Development.
* And AO Russian Standard Bank's "ruBB-" Russia national scale rating.
The "ruAA+" senior unsecured ratings of Rusfinance Bank, VTB Bank and VTB Leasing Finance and the "ruA" senior unsecured ratings of Sovcombank were also withdrawn.
S&P noted that it will maintain global scale ratings on all the institutions to which it assigned Russia national scale ratings and that the withdrawal of these ratings will not affect the global scale ratings.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.