Fitch ups three Russian banks

Fitch Ratings said it upgraded the long-term issuer default ratings of three Russian banks: Evrofinance Mosnarbank to B+ from B and Russian Universal Bank and JSC SDM Bank to B from B-. All of the ratings were removed from Rating Watch positive.

A stable outlook was assigned to all three banks.

The actions resolve the Rating Watch that Fitch said it placed on the banks in March and are part of a broader ongoing review of the ratings of privately-owned Russian banks.

The upgrades reflect the strengthening of certain aspects of Russia's banking system infrastructure during the global financial crisis, most notably the banks' ability to access liquidity and establish more orderly procedures for the management of bank failures, Fitch said.

The upgrades also consider the currently comfortable liquidity cushions at all three banks, their reasonable asset quality performance during the crisis and generally cautious approach to balance sheet management and risk taking, the agency said.

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