Fitch affirms Sviaz-Bank, Globexbank

Fitch Ratings said it affirmed Sviaz-Bank's and Globexbank's long-term foreign-currency issuer default ratings at BB.

The outlook is stable.

The ratings are driven by the potential support the banks could receive, if needed, from their majority shareholder, state-owned Vnesheconombank, Fitch said.

The ratings reflect the banks' rapid growth, limited track records following the recent takeovers and high concentrations on both sides of their balance sheets, the agency said.

The ratings also consider its modest performance, resulting in pressure on capitalization and potential weaknesses in governance and risk management given their state ownership and rapid growth, Fitch said.

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