Fitch: Bank of Moscow stable

Fitch Ratings said it affirmed Bank of Moscow's long-term issuer default rating at BBB-, short-term issuer default rating at F3, national long-term rating at AA+(rus), senior debt at BB-/AA+(rus) and subordinated debt at BB+.

Fitch removed the ratings from Rating Watch negative and assigned a stable outlook. Fitch downgraded Bank of Moscow's individual rating to F.

The affirmation of the banks ratings reflects the approval of the support package for the bank from JSC Bank VTB (BBB/stable) and the Russian authorities, aimed at addressing the risks arising from its legacy related-party exposures, the agency said.

The affirmation also reflects the likely higher propensity of VTB to support the bank in the future due to the confirmation of VTB's plans to increase its stake in Bank of Moscow to at least 75%, the agency added.

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