Fitch affirms 3 Russia banks

Fitch Ratings said it affirmed the long-term issuer default ratings at B+ of Rosevrobank, Credit Bank of Moscow and Locko-bank.

The outlook is stable.

Fitch also said it upgraded Rosevrobank's national long-term rating to A(rus) from A-(rus).

The ratings reflect the banks' post-crisis improvement in the operating environment, sound profitability and limited refinancing risk in view of accumulated liquidity reserves, Fitch said.

The ratings also consider the banks' limited scale and franchise, the agency said, along with their aggressive past and planned growth, especially at Credit Bank of Moscow.

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