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Moody's changes outlook on Bank Zenit, ratings

Moody's on Feb. 20 revised the outlook on Russia-based PAO Bank Zenit and its Ba3 long-term local- and foreign-currency deposit ratings and local-currency senior unsecured debt rating to positive from negative.

The outlook revision was driven by the bank's recently strengthened stand-alone financial fundamentals and the agency's expectation that the bank's strategic fit to controlling shareholder PAO Tatneft will increase with time, and that Tatneft will therefore be more inclined to prove support to Bank Zenit.

The agency affirmed the long-term ratings, along with the bank's "b1" baseline credit assessment, "ba3" adjusted baseline credit assessment, Not Prime short-term local-currency and foreign-currency deposit ratings and Ba2(cr)/Not Prime(cr) long-term and short-term counterparty risk assessments.