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Moody's upgrades Russia's Bank Uralsib

Moody's on June 5 upgraded PJSC Bank Uralsib's long-term local- and foreign-currency deposit ratings to B3 from Caa1, with a positive outlook, citing improvements in its profitability and capital levels, among other factors.

The agency also upgraded the bank's baseline and adjusted baseline credit assessments to "b3" from "caa2" and its long-term counterparty risk assessment to B2(cr) from B3(cr). The bank's Not Prime short-term local- and foreign-currency deposit ratings and Not Prime(cr) short-term counterparty risk assessment were affirmed.

Moody's noted that Bank Uralsib returned to operational profitability over 2016, boosted by an improved net interest margin that helped offset a rise in loan loss provisions. The upgrade also reflects the lender's stabilized, although still weak, asset quality, sustainable funding profile and conservative liquidity management.

Bank Uralsib was acquired by Russian businessman Vladimir Kogan in late 2015 as part of a central bank-organized rescue of the lender.