Fitch affirms Ak Bars

Fitch Ratings said it has affirmed Ak Bars Bank's long-term issuer default rating at BB with stable outlook.

The affirmation of the ratings follows the recent RUB 9 billion capital injection by entities controlled by the government of the Republic of Tatarstan (BBB-/outlook stable) and an increase in non-equity funding from government-related entities, demonstrating both capital and liquidity support from the republic, the agency said.

In Fitch's opinion, the republic has a strong propensity to support Ak Bars in light of the government's control of the bank.

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