Standard & Poor's has rated Vozrozhdenie Bank BB- and B in long- and short-term credit rates, respectively, the bank said Monday.

The bank said the ratings affirm that it is on the right track, despite a challenging financial landscape.

"In recent years, we have been working a lot on improving risk-management processes to strengthen our positions in case of macroeconomic deterioration," Management Board Deputy Chairman Andrey Shalimov said. "And now we are glad to see positive assessment of our efforts...by the rating agency."

S&P analysts said the conservative approach by the bank could yield positive results in negating credit losses and other pressures on capital, although it would likely stunt expansion.

“Overall, the earnings structure is healthy, with about 95 percent of revenues coming from interest, fees and commissions," Standard & Poor’s Associate Director Sergey Voronenko said. "Despite notable market turbulence in Russia in 2014, this core income demonstrates stability."