MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has placed Russian Bank for Development's long-term local currency rating 'BBB+' on watch positive following parliament's adoption of the law outlining restructuring of the bank.
'According to the law, RBD will be legally consolidated into a much larger state development bank Vnesheconombank (VEB),' S&P's credit analyst Sladana Tepic said.
The ratings agency at the same time affirmed the bank's 'BBB+' long-term foreign currency rating and the foreign and local currency 'A-2' short-term ratings with a stable outlook.
The resolution of the creditwatch will depend on approval and implementation of further legislative steps in support of the consolidation process, which is expected to be completed by the end of 2007, S&P noted. TFN.newsdesk@thomson.com vsr/lam COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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