Fitch ups Locko-bank to B, BBB-(rus)

Fitch Ratings said it upgraded Locko-bank's long-term issuer default rating to B from B- and its national long-term rating to BBB-(rus) from BB+(rus). Fitch also said it affirmed its short-term issuer default rating at B, individual rating at D, support rating at 5 and support rating floor at 'no floor.'

The outlook is stable.

The upgrade reflects the stable growth of the bank's franchise, which has not compromised its good asset quality, Fitch said. The ratings also take into account only modest refinancing requirements with respect to wholesale borrowings in the near-term, the agency said.

Upside potential for the ratings is currently limited, given the bank's size, risk associated with continued rapid growth and the Russian operating environment, Fitch added.

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