MOSCOW, June 14 (RIA Novosti) - International ratings agency Standard & Poor's announced Wednesday it had assigned its ruAA+ Russia national scale rating to state-run foreign trade bank Vneshtorgbank (VTB).
The agency also said it had confirmed VTB's BBB long-term and A-2 short-term credit ratings, with a stable outlook.
S&P said the ratings reflected strong government support for Russia's second-largest bank, its strengthening financial performance and market position in a favorable macroeconomic environment.
The agency said, however, that bank's record was somewhat affected by high concentration in lending and the high-cost structure.
VTB posted its assets at $36.7 billion as of December 31, 2005, according to consolidated International Financial Reporting Standards, with shareholders equity totaling $5.3 billion.
