Fitch ups Bank Saint Petersburg to B+

Fitch Ratings said it upgraded Bank Saint Petersburg's long-term issuer default rating to B+ from B, and affirmed its short-term issuer default rating at B, individual rating at D and support rating at 5.

The outlook is stable.

The upgrade acknowledges the bank's increased regional franchise and measures taken by its management to limit borrower and sector concentration levels, Fitch said. The extended track record of sound asset quality and solid earnings performance against a background of higher capital ratios following the November 2007 initial public offering also support the ratings, the agency said.

But, loan concentrations remain high and rapid growth continues to give rise to significant credit risk and gradual tightening of capital and liquidity, the agency added.

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