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Fitch acts on 3 Russian lenders

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Fitch acts on 3 Russian lenders

Fitch Ratings on June 3 took actions on Russia-based Bank Saint Petersburg PJSC, PAO Credit Bank of Moscow and PJSC Sovcombank.

The agency upgraded to BB from BB- the long-term foreign- and local-currency issuer default ratings of Bank Saint Petersburg and Credit Bank of Moscow, with a stable outlook, while affirming their short-term foreign-currency issuer default ratings at B.

At the same time, Fitch upgraded the viability rating of Bank Saint Petersburg to "bb" from "bb-" and that of Credit Bank of Moscow to "bb-" from "b+." The agency also raised Credit Bank of Moscow's and unit CBOM Finance Plc's senior unsecured debt ratings to BB from BB-.

Fitch also affirmed the support rating of Bank Saint Petersburg at 5 and that of Credit Bank of Moscow at 4, and their support rating floors at No Floor and B, respectively.

The agency noted that the actions on Bank Saint Petersburg reflect its extended record of a stable performance, a conservative risk appetite and a gradual improvement of its core capitalization. The actions on Credit Bank of Moscow, meanwhile, reflect a significant reduction in its stock of high-risk assets in the last two years, while preserving reasonable capital levels.

Fitch also affirmed Sovcombank's long-term foreign- and local-currency issuer default ratings at BB and revised the outlook on the ratings to positive from stable, reflecting the possibility that the ratings could be raised over the next 12 to 18 months.

It also affirmed the bank's short-term foreign-currency issuer default rating of B, along with its viability rating at "bb," support rating at 5, support rating floor at No Floor and senior unsecured debt rating at BB.