International rating agency Standard & Poor's Ratings Services (S&P) affirmed PSB rating on 'BB-' level. The key factor which supported PSB rating was the recent common equity tier 1 capital increase in the amount of RUB13.8 bn, which 'reduced pressure on capital ratios'.

The negative outlook was also affirmed which reflects S&P 'concerns regarding increased operating risks in Russia, and the risk that the bank's asset quality could deteriorate more than

Assigned ratings reflect PSB ability to raise capital even in the difficult macroeconomic environment. Besides capital enhancement PSB continues to pay special attention to the efficiency upgrade, cost reduction, the increase of fee and commission revenue, and implements strict risk control. These measures should enable PSB to mitigate net interest margin contraction and cost of risk growth which are typical for all Russian banking system in 2015.

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