KYIV, Nov 26 – S&P Global Ratings Global Ratings has raised its long- and short-term issuer credit ratings on the Black Sea Trade and Development Bank (BSTDB) to 'A/A-1' from 'A-/A-2'. The outlook is stable.

S&P said that BSTDB benefits from a resilient and very strong financial risk profile, and it has weathered the financial repercussions of the pandemic with only a mild impact on asset quality.

"This is the first full notch upgrade received by BSTDB in almost a decade and, given that it occurred during the current period of unprecedented global social and economic turmoil, reflects very positively on the bank and sets a strong foundation for its future growth," the bank said in a press release, citing BSTDB President Dmitry Pankin as saying.