International rating agency S&P has affirmed its long-term and short-term credit ratings on International Bank of Saint Petersburg (IBSP) at B-/C, a negative outlook.
The agency's analysts believe that the bank's liquidity cushion has decreased in 2016 in spite of substantial dependence on retail deposits that are characterized by much higher volatility.
At the same time, the agency noted that the bank's counterparty credit limits have been stable since 2015. S&P expects the bank to fulfill all its financial obligations.
The negative outlook reflects IBSP's vulnerable position in the market in the current hard conditions of business conduct in Russia, the agency said in a press release.
The bank's national scale rating was also affirmed at ruBBB-.
In line with S&P's forecast, the bank will be able to fulfill its long-term financial obligations despite current pressure on its liquidity indicators.
