Fitch ups Bank Zenit to B+

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

The outlook is now stable.

The upgrade reflects Zenit's enhanced customer franchise, especially in Russian regions, Fitch said, and its extended track record of sound performance and good asset quality, backed by an adequate liquidity position.

The ratings still are constrained by the high proportion of related-party funding and significant loan portfolio concentrations, the agency said.

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