Fitch ups Russian lenders

Fitch Ratings said it upgraded 21 Russian and Russian-owned financial institutions’ long-term foreign- and local-currency issuer default ratings and debt ratings by one notch after upgrading sovereign ratings.

The actions include:

• PJSC State Transport: long-term issuer default rating BB+ from BB; local currency long-term IDR to BB+ from BB; and senior unsecured rating to BB+ from BB;

• Russian Agricultural Bank: long-term IDR to BBB- from BB+; local currency long-term IDR to BBB- from BB+; and senior unsecured rating to BBB- from BB+;

• SB Capital SA: senior unsecured rating to BBB from BBB-; and subordinated rating to BBB- from BB+;

• AO Raiffeisenbank: long-term IDR to BBB from BBB-; and local currency long-term IDR BBB from BBB-;

• ING Bank (Eurasia): long-term IDR to BBB from BBB-; local currency long-term IDR to BBB from BBB-; and senior unsecured to BBB from BBB-;

• AO Toyota Bank: guaranteed long term to A from A-;

• Gazprombank (Joint-stock Co.): long-term IDR to BBB- from BB+; local currency long-term IDR to BBB- from BB+; and senior unsecured to BBB- from BB+;

• Rosbank: long-term IDR to BBB from BBB-; local currency long-term IDR to BBB from BBB-; and senior unsecured long term to BBB from BBB-;

• GTLK Europe DAC: guaranteed long term to BB+ from BB;

• SEB Bank JSC: long-term IDR to BBB from BBB-;

• Baltic Leasing LLC: senior unsecured long-term to BB from BB-;

• Gazprombank (Switzerland) Ltd.: long-term IDR to BBB- from BB+;

• Subsidiary Bank Sberbank of Russia, JSC: long-term IDR to BBB- from BB+; local currency long-term IDR to BBB- from BB+; national long term to AA+ (kaz) from AA-(kaz); senior unsecured to BBB- from BB+; subordinated BB+ from BB; senior unsecured national long-term to AA+ (kaz) from AA- (kaz); and subordinated national long-term to AA (kaz) from A+ (kaz);

• VEB.RF: long-term IDR to BBB from BBB-; local currency long-term IDR to BBB from BBB-; and senior unsecured long term to BBB from BBB-;

• VEB Finance: senior unsecured long-term to BBB from BBB-;

• China Construction Bank (Russia) Ltd.: long-term IDR to BBB from BBB-; and local currency long-term IDR to BBB from BBB-;

• GTLK Europe Capital DAC: guaranteed long term to BB+ from BB;

• GPB Eurobond Finance plc.: senior unsecured long term to BBB- from BB+;

• JSC Nordea Bank: long-term IDR to BBB from BBB-;

• JSC VEB-Leasing: long-term IDR to BBB from BBB-; local currency long-term IDR to BBB from BBB-; and senior unsecured long term to BBB from BBB-;

• Sberbank Leasing: long-term IDR to BBB from BBB-; and local currency long-term IDR to BBB from BBB-;

• HSBC Bank (RR) LLC: long-term IDR to BBB from BBB-; and local currency long-term IDR to BBB from BBB-;

• AO Danske Bank: long-term IDR to BBB from BBB-;

• AO Citibank: long-term IDR to BBB from BBB-; and local currency long-term IDR to BBB from BBB-;

• Sberbank of Russia: long-term IDR to BBB from BBB-; and local currency long-term IDR to BBB from BBB-;

• Baltic Leasing JSC: long-term IDR to BB from BB-; and local currency long-term IDR to BB from BB-;

• Bank of China (Russia): long-term to BBB from BBB-; and local currency long-term IDR to BBB from BBB-;

Fitch said it also placed the bbb- viability ratings of Sberbank of Russia and AO Citibank on rating watch positive.

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