S&P Global Ratings on Dec. 14 affirmed International Bank of Saint-Petersburg (JSC)'s long- and short-term issuer credit ratings at B-/B and assigned a negative outlook.
The agency removed the ratings from CreditWatch with negative implications, where they have been since Oct. 5.
The negative outlook reflects the continuing tough competitive environment and the bank's focus on real estate developers, which put pressure on its business profile.
S&P expects the bank to continue to reduce its exposure to nonresident commodity traders, which should reduce regulatory risk.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.