S&P rates Credit Suisse Securities (Moscow)

S&P said it assigned a BB+ long-term and B short-term counterparty credit ratings to Credit Suisse Securities (Moscow) Ltd., along with a ruAA+ Russia national scale rating.

The outlook is negative.

The ratings reflect the company’s status as a highly strategic subsidiary of Credit Suisse AG, as well its operations that are predominantly in Russia.

The agency said it typically rates a highly strategic subsidiary one notch less than its parent.

But, S&P said it caps the ratings on the company at the level of the foreign-currency long-term sovereign rating on Russia because the company is exposed mainly to business risks in Russia. This exposure will stay substantial in the next 12- to 18-months.

The foreign-currency ratings also are constrained by the transfer and convertibility assessment on Russia, the agency said.

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