OREANDA-NEWS. Standard&Poor's has affirmed the short- and long-term credit ratings of Khanty-Mansiysk Otkritie Bank at ВВ-/В on the international scale and ruAА- on the international scale, both with stable outlooks.

Standard&Poor's notes that the ratings of Khanty-Mansiysk Otkritie Bank have been affirmed due to the bank becoming a key subsidiary of Otkritie FC Bank, the parent entity of Otkritie Banking Group.

"We believe that the integrated and, consequently, bigger bank has acquired additional importance for the general strategy of the Group: it now accounts for 40% of the Group's consolidated balance sheet and has been largely integrated into the Group's operations. That is exactly the reason why the ratings of Khanty-Mansiysk Otkritie Bank have been set equal to those of the Group's loan portfolio (BB-), in accordance with our criteria for assigning ratings to financial groups," explained the agency's analysts.

The stable outlook assigned to the ratings of Khanty-Mansiysk Otkritie Bank reflects the same outlook assigned to the ratings of Otkritie FC Bank. The agency's analysts explain that, since the integrated bank has become a key subsidiary of Otkritie FC Bank and is very important for the Group, its ratings will be based on the ratings and outlooks assigned to Otkritie FC Bank.

Standard&Poor's has also upgraded the short- and long-term ratings of Otkritie Bank to ВВ-/В from В+/В on the international scale and to ruAА- from ruA+ on the national scale and has withdrawn all ratings assigned to Otkritie Bank (all with stable outlooks when withdrawn). The ground for the withdrawal was Otkritie Bank ceasing to exist as a separate legal entity following its merger into the Bank of Khanty-Mansiysk.

Khanty-Mansiysk Otkritie Bank has long- and short-term foreign currency deposit ratings of Ba3/NP and a national rating of Aa3.ru from Moody's, all with stable outlooks.