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Fitch upgrades certain ratings of Russia's Tinkoff Bank

Fitch Ratings on Oct. 11 upgraded JSC Tinkoff Bank's BB long-term foreign- and local-currency issuer default ratings to BB from BB- and revised the outlook on the ratings to stable from positive.

The agency also upgraded the Russian lender's viability rating to "bb" from "bb-" and its long-term senior unsecured rating to BB from BB-. The bank's B short-term foreign-currency issuer default rating, 5 support rating and No Floor support rating floor were affirmed.

Fitch noted that the upgrade of Tinkoff Bank's ratings reflects its extended record of "exceptionally strong performance," supported by the continuous diversification of the lender's business model and growing franchise. The upgrade also reflects the bank's improved capitalization following its secondary public offering.

Meanwhile, Fitch affirmed the long-term foreign- and local-currency issuer default ratings of OOO Home Credit and Finance Bank and OTP Bank Nyrt. at BB- and BB+, respectively, with the outlook on the ratings remaining stable. Both banks' "bb-" viability ratings were also affirmed, along with Home Credit and Finance Bank's 5 support rating and No Floor support rating floor and OTP's 3 support rating.