Moody’s changes Bank Zenit to positive

Moody's Investors Service said it changed the outlook on Bank Zenit PJSC's Ba3 long-term local- and foreign-currency deposit ratings and its Ba3 local-currency senior unsecured debt rating to positive from negative and affirmed the ratings.

Concurrently, the agency affirmed Bank Zenit's baseline credit assessment of b1, adjusted BCA of ba3 and Not Prime short-term local-currency and foreign-currency deposit ratings.

The overall outlook on the entity was changed to positive from negative.

Furthermore, Moody’s affirmed the bank’s long-term and short-term counterparty risk assessments of Ba2(cr)/Not Prime(cr).

Moody's said the outlook revision reflects Bank Zenit's recently strengthened standalone financial fundamentals and the agency’s expectation that the bank's strategic fit to its controlling shareholder Tatneft PJSC (Baa3 issuer, positive) will be increasing over time leading to the latter's greater propensity to render support to the bank.

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