Fitch ups Alliance Bank

Fitch Ratings said it upgraded Alliance Bank's long-term foreign-currency issuer default rating to B- from RD, or restricted default.

A stable outlook was assigned.

The upgrade follows the completion of the restructuring of Alliance's liabilities and concludes a review of the bank's ratings that began in March, Fitch said.

The ratings reflect its weak asset quality, the challenges of refocusing the bank's business, weak revenue generation, still heavy reliance on wholesale funding and the absence of any track record following the completion of its debt restructuring, the agency said.

The ratings also consider the benefits of government control of the bank, including the potential for moderate further government support in case of need, Fitch said.

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