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Fitch changes Bank Uralsib's outlook to stable from negative


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Fitch changes Bank Uralsib's outlook to stable from negative

Fitch Ratings on Dec. 20 changed the outlook on PJSC BANK URALSIB's B long-term issuer default rating to stable from negative.

The revision is down to the bank's stabilized core capital metrics at reasonable levels, its improved core performance, a strong liquidity and funding profile and the agency's view that any further impairment provisioning would probably be gradual and could at least be partly offset by pre-impairment profits.

The agency affirmed the bank's long-term issuer default rating at B because of its weak asset quality including bad loans, related-party exposures and investment properties; the lender's noncompliance with minimum capital ratios and other regulatory norms; risks arising from its planned merger with Baltic Financial Agency Bank (PJSC); and the "potentially significant support" it may provide to SG Uralsib.

Additionally, the bank's short-term issuer default rating was affirmed at B, its viability rating at b, the support rating at 5 and the support-rating floor at No Floor.