Russian Commercial Bank Petrocommerce Upgraded To 'BB-' And 'ruAA-' On Its Merger With Bank OFC; Ratings Then Withdrawn

June 19, 2015--Standard & Poor's Ratings Services today raised its long-term counterparty credit rating on Russia-based Commercial Bank Petrocommerce OJSC (Bank Petrocommerce) to 'BB-' from 'B+'. We also raised our Russia national scale rating on Bank Petrocommerce to 'ruAA-' from 'ruA'. At the same time, we affirmed our 'B' short-term counterparty credit rating on the bank. We subsequently withdrew all ratings on Bank Petrocommerce. Prior to the withdrawal, the ratings on Bank Petrocommerce were on CreditWatch with negative implications. On June 15, 2015, as planned, Bank Petrocommerce merged with its sister entity, Bank Otkritie Financial Co. Following the merger, Bank Petrocommerce ceased operations as a separate legal entity. The upgrade accounts for the full incorporation of Bank Petrocommerce into Bank Otkritie Financial Co. We subsequently withdrew the ratings on Bank Petrocommerce to reflect that the bank formally ceased operations as a separate legal entity. Prior to the withdrawal, our ratings on Bank Petrocommerce were moved from CreditWatch with developing implications to CreditWatch negative to reflect the CreditWatch on Bank Otkritie Financial Co.

• Full name
  Open Joint-Stock Company Commercial bank "Petrocommerce"
• Registration country
  Russia
• Industry
  Banks