Fitch ups Unicredit

Fitch Ratings said it upgraded the long-term issuer default rating of AO UniCredit Bank to BBB from BBB-. Unicredit’s outlook is negative. The agency has also affirmed the long-term ratings of AO Citibank, AO Raiffeisenbank and PJSC Rosbank at BBB, all with stable outlooks.

Unicredit’s rating is driven by its intrinsic credit strength, as measured by the bank’s viability rating. Accordingly, the upgrade of the bank’s long-term IDR to BBB indicates an improvement in its standalone creditworthiness, as reflected in an upgrade of its VR to bbb, Fitch said.

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