Moody's affirmed the long-term local- and foreign-currency deposit ratings of Russia's Vozrozhdenie Bank at B1 and changed the outlook to stable from negative.
The rating agency also affirmed various other ratings of the bank. The move reflects its recently stabilized credit profile and expected lower credit costs in the coming 12 to 18 months.
Meanwhile, Moody's upgraded the long-term local- and foreign-currency deposit ratings of fellow Russian lender PJSC Baltic Investment Bank to Caa1 from Caa3 and affirmed its short-term local- and foreign-currency deposit ratings at Not-Prime. It also upgraded the bank's baseline credit assessment and counterparty risk assessment.
This was prompted by financial support from the state Deposit Insurance Agency to address capital, liquidity and asset quality challenges, as well as Baltinvestbank's acquisition by PAO Absolut Bank.