On September 24, 2020, S&P Global Ratings raised its long-term issuer credit rating on Promsvyazbank PJSC to 'BB' from 'BB-'. The outlook is stable. S&P simultaneously affirmed its 'B' short-term issuer credit rating on the bank, the rating agency informed.
S&P believes that Promsvyazbank's role for the Russian government has strengthened, since it estimate its share of financing the country's defense sector contracts has increased to around 60%.
S&P expects the bank's lending, focusing on the defense sector, will remain supported by capital injections from the government.
The outlook is stable because S&P expects Promsvyazbank's stand-alone creditworthiness to stay resilient, despite the challenging operating environment in Russia, supported by its important role for and very strong link with the government.
Promsvyazbank PJSC (tax number: 7744000912) was established in 1995. Promsvyaz Capital B.V. is the bank's principal shareholder.
