Fitch raises Krajbanka

Fitch ratings said it upgraded Latvijas Krajbanka's (Krajbanka)s support rating to 4 from 5 while its other ratings are affirmed at long-term B+, short-term B and individual D.

At the same time, the agency has affirmed Bankas Snoras' ratings at long-term BB-, short-term B, individual D and support 4.

The outlook is stable on the long-term ratings of both banks.

Fitch noted the rating action follows the announcement Snoras has acquired 83.01% of Krajbanka and the change in the support rating for Krajbanka reflects the potential support it could receive from Snoras in case of need.

Fitch said it expects Snoras to bring its experience in retail banking, which proved successful in Lithuania, to help Krajbanka increase the efficiency of its branch network.

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