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Fitch affirms, withdraws Rusfinance
Fitch Ratings said it affirmed Rusfinance Bank's long-term issuer default ratings at BBB- with a positive outlook.
The agency simultaneously withdrew the ratings for commercial reasons.
Fitch said the bank's ratings are underpinned by the potential support it may receive from its ultimate parent Societe Generale SA (A/stable), which owns Rusfinance through subsidiary Rosbank (BBB-/positive).
The agency said the ratings are constrained by the Russian country ceiling of BBB-, which captures transfer and convertibility risks and limits the extent to which support from the foreign shareholder can be factored into the bank's ratings.
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