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Fitch upgrades Russia-based Expobank

Fitch Ratings on Sept. 17 upgraded Russia-based Expobank LLC's long-term foreign- and local-currency issuer default ratings to BB- from B+, and removed them from Rating Watch Evolving.

The outlook is stable.

Fitch also upgraded the Russian lender's viability rating to "bb-" from "b+" and removed the rating from Rating Watch Evolving. Expobank's short-term issuer default rating, support rating and support rating floor were affirmed at B, 5, and No Floor, respectively.

The rating agency noted that the upgrade reflects the bank's good performance, reasonable asset quality, healthy capitalization and comfortable liquidity, in line with its expectations.

The resolution of the Rating Watch Evolving follows Fitch's assessment of Expobank following its acquisition of regional peer Kurskprоmbank PJSC earlier in 2019. The stable outlook is based on the agency's expectation that the bank's metrics should remain relatively stable in the medium term, as it completes the integration of Kurskprоmbank.