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S&P revises outlook on Russia-based Renaissance Credit

S&P Global Ratings on March 7 affirmed the B-/B long- and short-term issuer credit ratings of Russia-based Commercial bank Renaissance Credit (LLC) and revised the outlook on the bank to positive from stable.

The revision reflects the rating agency's view that the bank's creditworthiness may improve in the next 12 to 18 month as long as it continues to show stable asset quality and lower cost of risks compared to most retail lenders in Russia and the Commonwealth of Independent States.

The bank's asset quality and the performance of its retail portfolio have also improved more than those of its peers that specialize in unsecured retail banking, the agency said, noting that this shows strengthened risk management and generally stabilized economic conditions in the country in the past two years.

S&P said the positive outlook means that it could upgrade Renaissance Credit's ratings if its creditworthiness strengthens in the next 12 to 18 months, supported by solid and sustainable financial performance and stable asset quality.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.