Fitch upgrades Nomos-Bank

Fitch Ratings said it upgraded Russia-based Nomos-Bank's issuer default rating to B+ from B and national long-term rating to A-(rus) from BBB+(rus) and affirmed the bank's B short-term rating, D individual rating and 5 support rating. The outlook is stable.

The agency said the upgrades reflect the ongoing positive developments in the Russian operating environment, on the back of which Nomos Bank has continued to perform fairly strongly, notwithstanding rising competition, together with improvements in transparency.

The ratings reflect the bank's adequate, albeit falling, capital ratios and reasonable liquidity, as well as sustained growth in its business supporting the development of its overall franchise.

Fitch said the also reflect the credit and operational risks associated with recent rapid growth and Nomos-Bank's still concentrated franchise.

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