Fitch affirms Avangard

Fitch Ratings said it affirmed Bank Avangard's ratings at long-term B-, short-term B, support 5, individual D and national long-term BB+(rus).

The outlooks on the long-term and national long-term ratings remain stable.

The long-term, short-term and individual ratings reflect Avangards' significant, albeit decreasing, exposure to other businesses of the main shareholder, weak core profitability, modest liquidity, corporate governance deficiencies and certain weakness in the operating environment, S&P noted.

At the same time, they also consider its strong market position in leasing, rapidly growing car lending and satisfactory asset quality to date, the agency added.

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