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Moody's upgrades Russia-based bank AK BARS' ratings

Moody's on March 20 upgraded Russia-based PAO AK BARS Bank's long-term local and foreign currency deposit ratings to B1 from B2 and revised the outlook to stable from positive.

The rating agency also upgraded the company's long-term local and foreign currency counterparty risk ratings to Ba3 from B1 and upgraded the bank's long-term counterparty risk assessment to Ba3(cr) from B1(cr). Moody's also upgraded the bank's baseline credit assessment and adjusted baseline credit assessment to "b2" from "b3."

The upgrades reflect Moody's view that the bank has made sufficient improvements in its profitability and quality of assets, driven by a decline in the company's problem loans. The ratings improvements also take into account the lender's stable funding profile, liquidity position, sustainable capital adequacy levels and other factors.

Moody's stable outlook on the company's long-term deposit ratings reflects remaining vulnerability in the bank's asset quality counterbalanced by a solid capital buffer, as well as support from the government of Tatarstan.

Additionally, Moody's affirmed the bank's Not Prime short-term local and foreign currency deposit ratings, Not Prime counterparty risk ratings and Not Prime(cr) short-term counterparty risk assessment.