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S&P revises outlook on Vnesheconombank

S&P Global Ratings on March 24 revised its outlook on Vnesheconombank to developing from negative.

At the same time, the rating agency affirmed the Russian lender's BB+/B long- and short-term foreign-currency issuer credit ratings and BBB-/A-3 long- and short-term local-currency issuer credit ratings.

The developing outlook on Vnesheconombank reflects the possibility of either a positive or negative ratings action on VEB, in the context of the rating agency's positive outlook on Russia and the existing uncertainty over the implementation of the bank's new business model.

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