Moody's upgraded Commercial Bank Kuban Credit LLC's long-term local- and foreign-currency deposit ratings to B2 from B3, with a stable outlook.

The agency also upgraded the Russian lender's baseline and adjusted baseline credit assessments to "b2" from "b3," its long-term local- and foreign-currency counterparty risk ratings to B1 from B2 and its long-term counterparty risk assessment to B1(cr) from B2(cr).

Moody's said the upgrade reflects an improvement in the lender's asset quality, among other factors.

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