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Fitch changes 22 Russian banks to stable
Fitch Ratings said it affirmed the issuer default ratings and debt ratings of four Russian state-owned banks, six of their subsidiaries, two state-owned leasing companies, 14 foreign-owned banks and National Clearing Centre, and revised the outlooks on all of these entities to stable.
The actions follow the revision of the outlook on Russia's sovereign rating.
The long-term issuer default ratings of Sberbank of Russia, Vnesheconombank, Russian Agricultural Bank, Gazprombank, Rosagroleasing and State Transport Leasing Co. are underpinned by potential government support, Fitch said. The revision of the outlooks on these entities reflects the reduced risk of a deterioration in the authorities' ability to provide support.
The revision of the outlook on National Clearing Centre reflects reduced pressure on its viability rating, which is closely linked to the Russian operating environment, Russia's sovereign debt rating and counterparty ratings of Russian banks.
According to the agency, the revised outlooks on the long-term issuer default ratings of AO Citibank, JSC Nordea Bank, Danske Bank (Russia), SEB Bank JSC, HSBC Bank (RR) LLC, ING Bank (Eurasia) JSC, Rosbank, DeltaCredit Bank, Rusfinance Bank, China Construction Bank (Ltd.) Russia, Bank of China (Russia), Banca Intesa (Russia), AO UniCredit Bank and Credit Agricole CIB AO reflect the stabilization of Russia's country ceiling of BBB- following the change in the sovereign outlook.
The change in outlooks on the long-term issuer default ratings of Sberbank Leasing, Sberbank Switzerland, JSC Subsidiary Bank Sberbank of Russia (Kazakhstan), Sberbank Europe AG, Gazprombank Switzerland and VEB Leasing reflects the reduced risk of a deterioration in their parents' ability to support them. The ratings of these entities reflect their relative strategic importance to their parents and the track records of support.
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