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Fitch acts on four Russian banks
Fitch Ratings said it upgraded Home Credit and Finance Bank's long-term issuer default ratings to BB- from B+
The agency also affirmed OTP Bank's long-term issuer default ratings at BB and upgraded its viability rating to bb- from b+.
In addition, Fitch affirmed Tinkoff Bank's long-term issuer default ratings at BB-.
The outlooks are stable.
Furthermore, Fitch downgraded Orient Express Bank's (OEB) long-term issuer default ratings to CCC from B-.
“The rating actions (except the downgrade of OEB) reflect the continued recovery of the Russian consumer finance market due to reduced credit losses on the back of tighter underwriting and economic recovery, and lower funding costs and improved profitability, which coupled with modest growth also supports capitalization,” Fitch said in a news release.
“At the same time, the ratings continue to capture the segment's volatile nature with potential asset quality risks stemming from borrowers' still high debt burdens and growing competition due to limited inflow of new borrowers.”
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