Fitch Ratings on Oct. 15 upgraded Sollers-Finance LLC's long-term foreign- and local-currency issuer default ratings to BB- from B+, with a stable outlook.

The agency also upgraded the Russia-based company's support rating to 3 from 4 and its senior unsecured debt to BB- from B+. At the same time, its short-term foreign-currency issuer default rating was affirmed at B.

Fitch said the upgrade follows a recent similar action on the company's major shareholder, PJSC Sovcombank, as it implies Sovcombank's higher ability to support Sollers-Finance should the need arise.