Fitch rates SEB Bank BBB+

Fitch Ratings said it assigned SEB Bank JSC a long-term issuer default rating of BBB+, long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency issuer default rating of F2 and national long-term rating of AAA(rus).

Its long-term issuer default rating is constrained by Russia's country ceiling of BBB+, and its movements will likely be linked to changes in the country ceiling, the agency said.

The outlook is stable.

The ratings reflect support the company is likely to receive, in case of need, from its sole shareholder, Skandinaviska Enskilda Banken.

Given this full ownership and the bank's small size and the track record of assistance to date, there is a high propensity for the parent to support it in case of need, Fitch said.

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