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Standard and Poor’s improves rating outlook on Vnesheconombank

On 28 July, Standard and Poor’s revised its outlook on Vnesheconombank to ‘positive’ from ‘developing’ thus equalizing it with that on the Russian Federation.

The rating agency also affirmed the 'BB+/B' long- and short-term foreign currency issuer credit ratings and the 'BBB-/A-3' long- and short-term local currency issuer credit ratings on the bank. According to S&P, this is reflective of the positive impacts of the Russian government’s measures and its strong commitment to continue supporting VEB's debt service and capital cushion.

In its press-release, S&P emphasizes ‘VEB's critical role for Russia as the government's prime public development institution.’ The VEB Group’s assets currently represent over 4% of Russia’s GDP.

Given VEB's high strategic importance to the government and ongoing access to government support, S&P views the VEB Group’s liabilities as resilient to a loss of market confidence.


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