OREANDA-NEWS. Standard&Poor's Ratings Services said today that it raised its long- and short-term counterparty credit ratings on Russian TransCreditBank to 'BB-/B' from 'B-/C'. The outlook remains positive.
 
The rating action follows the presidential decree of Feb. 15, 2007, which transfers the government's 75 % stake in TransCreditBank to the charter capital of Russian Railways, the 100 %-state-owned railroad monopoly.

Due to bureaucratic procedures, finalization of the share transfer is expected to take several months.
 
"Nevertheless, we believe there is a high degree of certainty that the transfer will occur, and that it will cement TransCreditBank and RZD's ongoing relationship," said Standard&Poor's credit analyst Elena Romanova. "In effect, the bank will become a strategically important RZD subsidiary, with consequent uplift in its creditworthiness."