Fitch ups Bank Zenit to BBB+(rus)

Fitch Ratings said it upgraded Bank Zenit's national long-term rating to BBB+(rus) from BBB-(rus) and affirmed its issuer default rating at B, short-term rating at B, individual rating at D and support rating at 5.

The outlook was revised to positive from stable.

The upgrade reflects notable improvement in the bank's earnings quality and some reduction in the reliance on funding from related parties, Fitch said. The ratings also reflect low levels of loan impairments and a reasonable liquidity position.

The agency said the rating also factors in the bank's significant loan book concentration and market risk exposures. Fitch also noted the complexity of the bank's ownership structure.

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