Moody's ups National Factoring view to stable

Moody's Investors Service said it changed to stable from negative the outlook on National Factoring Co. CJSC.

The agency also said it affirmed the B3 long-term foreign-and local-currency deposit ratings, E+ bank financial strength rating and long-term national scale rating at Baa3.ru.

The change in outlook reflects the stabilization and improvements of the company's funding base, profitability, asset quality and franchise, the agency said, and reduced likelihood of default, Moody's said.

The company has remained profitable, the agency said, and asset quality has started to demonstrate an improving trend thanks to improving conditions in the sectors of the economy where the bank operates.

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