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S&P acts on Russia-based Bank Otkritie

S&P Global Ratings on Oct. 13 affirmed Russia-based Otkritie Financial Corp. Bank's short-term counterparty credit rating at B and removed it from CreditWatch with developing implications, where it was placed Aug. 31.

The rating agency said the placement was an error and that the rating should have been placed on CreditWatch negative at the time. S&P stressed, however, that the error had no impact on the bank's ratings.

Otkritie's B+ long-term counterparty credit rating was maintained on CreditWatch developing, reflecting the agency's view that a number of important details regarding the bank's financial rehabilitation, including the amount of capital support it needs and the possibility of it merging with other financial institutions, still need to be clarified.

The agency expects to resolve the CreditWatch within 90 days.

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