Fitch ups Temirbank

Fitch Ratings said it has upgraded Temirbank's long-term issuer default rating to CC from C.

The long-term and short-term issuer default ratings remain on rating watch negative, the agency said.

The upgrade follows the recent clarification by Temir's parent BTA Bank (restricted default) received by Fitch that, "At this stage, it is not envisaged that the debts of Temir Bank will be covered by the restructuring plan" of its parent, the agency said.

Fitch also noted that the recent BTA public presentation on the restructuring process indicated only restructuring of liabilities on its own balance sheet.

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