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Fitch upgrades Bank Uralsib, affirms Zenit Bank

Fitch Ratings on Dec. 14 upgraded PJSC Bank Uralsib's long-term foreign-currency issuer default rating to B+ from B and its viability rating to "b+" from "b".

Bank Uralsib's B short-term foreign-currency issuer default rating, its 5 support rating and its No Floor support rating floor were affirmed.

The rating agency said the upgrade reflects reduced asset-quality risks and vulnerability of Bank Uralsib's capital position due to sufficient state support for legacy problem assets and low-to-moderate risks stemming from other exposures.

Concurrently, Fitch affirmed PAO Bank Zenit's BB long-term foreign- and local-currency issuer default ratings, its B short-term foreign-currency issuer default rating, its "b+" viability rating, its 3 support rating and its BB long-term senior unsecured debt rating.

The outlooks on both Russian lenders' long-term issuer default ratings are stable.