Fitch rates Baltic Leasing B+

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of B+ to OJSC Baltic Leasing, along with a short-term foreign-currency issuer default rating of B and national long-term rating of A-(rus).

The agency also said it assigned B+ and A-(rus) senior unsecured debt ratings with a recovery rating of RR4 to Baltic Leasing LLC.

The outlook is stable.

The ratings reflect adequate asset quality metrics and healthy profitability, a strategic focus on retail business and comfortable liquidity position, Fitch said.

The ratings are constrained by high concentration of funding, significant leverage and moderate liquidity of the lease book, the agency said.

The weaker economic outlook and declining car sales in Russia also are moderately negative for the company’s credit profile, Fitch said.

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