Fitch ups Alfa Bank

Fitch Ratings said it upgraded Alfa Bank's long-term issuer default rating to BB from BB- and national long-term rating to AA-(rus) from A+(rus). Alfa's short-term issuer default rating is affirmed at B, individual rating at C/D, support rating at 4 and support rating floor at B.

The outlook remains stable.

The upgrade reflects the continued expansion and strengthening of the franchise of Alfa Banking Group and extended track record of sound asset quality and profitability, Fitch said. The ratings also are supported by the bank's strong management team, risk management and shareholders' track record of injecting liquidity and equity when required, the agency said.

The ratings also consider the concentrated balance sheet and moderate targeted capitalization of the parent group and the still challenging, although improved, Russian operating environment.

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