On 28 July, Standard and Poor’s revised its outlook on Vnesheconombank to ‘positive’ from ‘developing’ thus equalizing it with that on the Russian Federation.
The rating agency also affirmed the 'BB+/B' long- and short-term foreign currency issuer credit ratings and the 'BBB-/A-3' long- and short-term local currency issuer credit ratings on the bank. According to S&P, this is reflective of the positive impacts of the Russian government’s measures and its strong commitment to continue supporting VEB's debt service and capital cushion.
In its press-release, S&P emphasizes ‘VEB's critical role for Russia as the government's prime public development institution.’ The VEB Group’s assets currently represent over 4% of Russia’s GDP.
Given VEB's high strategic importance to the government and ongoing access to government support, S&P views the VEB Group’s liabilities as resilient to a loss of market confidence.