Fitch affirms Bank Saint Petersburg

Fitch Ratings said it affirmed Bank Saint Petersburg's ratings at long-term and short-term issuer default at B.

The outlook for the long-term issuer default rating is stable.

The ratings reflect the bank's high, albeit falling, individual borrower concentration, sizable exposure to the real estate and construction sectors, rapid asset growth and insufficient capitalization to support further growth, and relatively high-risk Russian operating environment, Fitch said.

The ratings also consider the bank's strong regional franchise, its sound asset quality and respectable earnings performance, the agency said.

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