Fitch upgrades Uralsib Bank to B+

Fitch Ratings said it upgraded Uralsib Bank's long-term issuer default rating to B+ from B and affirmed Bank Zenit's long-term issuer default rating at BB.

The agency also upgraded Uralsib’s viability rating to b+ from b and affirmed Bank Zenit’s viability rating at b+.

The outlooks are stable.

Fitch said the upgrade of Uralsib’s ratings reflects reduced asset quality risks and vulnerability of the bank's capital position, due to sufficient state support for legacy problem assets and low-to-moderate risks stemming from other exposures.

The upgrade also captures Uralsib’s improved pre-impairment performance, due to reduced operating expenditure and funding costs as well as a healthy funding and liquidity profile, the agency explained.

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