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Fitch acts on multiple Russian financial entities following sovereign upgrade

Fitch Ratings on Aug. 19 upgraded the long-term foreign- and local-currency issuer default ratings and debt ratings of 21 Russian and Russian-owned financial entities by one notch, following an upgrade of Russia's ratings.

The long- and short-term issuer default ratings of PAO Sberbank of Russia, State Development Corp. VEB.RF, PJSC Rosbank, AO Raiffeisenbank, JSCB Bank of China (Russia), ING Bank Eurasia JSC, AO Citibank, AO Danske Bank, HSBC Bank (RR) LLC, JSC Nordea Bank, China Construction Bank (Russia) Ltd., SEB Bank JSC, JSC VEB-Leasing, Sberbank Leasing Zao were upgraded to BBB/F2 from BBB-/F3. The outlook on the long-term ratings was changed to stable from positive. The agency affirmed the firms' 2 support rating.

The agency upgraded PJSC State Transport Leasing Co.'s long-term foreign- and local-currency issuer default ratings to BB+ from BB, and revised the outlook to stable from positive. The agency also upgraded the firm's long-term senior unsecured debt rating and support floor to BB+ from BB. Moreover, the agency affirmed the company's B short-term issuer default rating and 3 support rating.

Fitch upgraded the long- and short-term issuer default ratings of JSC Russian Agricultural Bank, AO Gazprombank, Kazakhstan-based Subsidiary Bank Sberbank of Russia JSC and Gazprombank (Schweiz) AG to BBB-/F3 from BB+/B. The outlook on the long-term ratings was changed to stable from positive. The agency also upgraded the banks' support ratings to 2 from 3. Russian Agricultural Bank and AO Gazprombank's support floors were upgraded to BBB- from BB+, while Subsidiary Bank Sberbank of Russia's national long-term rating was upgraded to AA+(kaz) from AA-(kaz). The outlook on the national rating was changed to stable from positive.

In addition, Fitch took various rating actions on SB Capital S.A., AO Toyota Bank, VEB Finance PLC, GTLK Europe DAC, GPB Eurobond Finance PLC and Baltic Leasing JSC.