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Fitch acts on 4 Russian banks

Fitch Ratings on Sept. 7 upgraded the long-term foreign-currency issuer default rating of Primsotsbank and the long-term foreign- and local-currency issuer default rating of Levoberezhny to BB- from B+.

The banks' viability ratings were upgraded to "bb-" from "b+," while those of LLC Bank Avers and JSCB CHELINDBANK were affirmed at "bb-."

The rating agency affirmed the long-term foreign-currency issuer default rating of CHELINDBANK and the long-term foreign- and local-currency issuer default rating of Bank Avers at BB-. The outlooks on the long-term ratings are stable.

The short-term foreign-currency issuer default ratings of the four Russian banks were affirmed at B. Also affirmed were the support ratings of 5 and the support rating floor of No Floor for all four banks.

The upgrades reflect asset quality stabilization of Primsotsbank and Levoberezhny, supported by a tightening of underwriting standards. The stable outlooks reflect Fitch's view that the four banks' asset quality metrics will remain reasonable in the medium term, and that pre-impairment profits can absorb any potential damage to the asset quality without hitting capital buffers.