Standard & Poor’s Ratings Services has raised today its long-term counterparty credit rating on Alfa-Bank to BB from BB-. The short-term rating on the bank was affirmed at B. The outlook is stable. At the same time, the Russian national scale rating was raised to ruAA from ruAA-.

Standard & Poor’s noted, that this rating action is based on Alfa-Bank’s strengthened commercial position, good management, progress in development of business in line with the strategy, and continuous shareholders commitment to the bank.

The stable outlook reflects Standard & Poor’s expectation that Alfa-Bank will continue to build up its franchise, and improve its financial profile, benefiting from Russia’s favorable market conditions.

According to Standard & Poor’s, a further upgrade might be considered if the bank improves its efficiency, strengthens its capitalization, and further diversifies its loan portfolio and funding.