Standard&Poor's Increases Long-term Credit Rating Of Petrokommertz Bank

Standard&Poor's international rating agency increased the long-term credit rating of the Russian bank Petrokommertz. Its new credit rating was increased from CCC to CCC+. At the same time, the short-term credit rating of the bank's debt liabilities remained C. The forecast of the bank's ratings is "positive." S&P gives several reasons of that, for example an increased volume of capitalization of Petrokommertz. The equity capital of the bank went up to 5bn rubles in October, and its authorized capital reached 4.5bn rubles as a result of an additional share issue. According to the rating agency, Petrokommertz's assets reached $650m in October, and it is among the 20 largest banks in Russia.