Fitch affirms Nomos Bank

Fitch Ratings said it affirmed Nomos Bank's ratings at issuer default B+, short-term B, individual D, support 5 and national long-term A-(rus).

The outlook is stable.

The affirmation follows news that shareholders of Nomos and PPF Group NV will establish a new bank holding company with two wholly-owned subsidiaries, Nomos and Home Credit and Finance Bank.

Fitch said it does not expect the transaction to have any significant impact on Nomos' operations in the short term.

The ratings continue to reflect the credit risk associated with Nomos' rapid asset growth, relatively high concentration risk on both sides of the balance sheet and market risk stemming from the securities portfolio, Fitch said. However, they also take into account the bank's good asset quality, adequate capitalization and relatively diversified funding base, the agency added.

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