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Fitch revises outlook on ALFA-BANK, ABH Financial

Fitch Ratings on March 30 revised to stable from negative the outlooks on Russia-based JSC ALFA-BANK and Cyprus-based holding company ABH Financial Ltd. and affirmed their long-term foreign-currency issuer default ratings at BB+ and BB, respectively.

The agency also affirmed ALFA-BANK's BB+ long-term local-currency issuer default rating, B short-term foreign-currency rating, "bb+" viability rating, 4 support rating and B support rating floor, as well as ABH Financial's B short-term foreign-currency issuer default rating.

The revision of ALFA-BANK's outlook reflects the stabilization of the Russian operating environment leading to reduced pressure on the bank's asset quality and performance, according to the agency.

The affirmation of ABH Financial's ratings and outlook revision indicate Fitch's view that default risk at the bank and the holding company are likely to be highly correlated given the high degree of fungibility of capital and liquidity within the group, which operates as a single entity.