Fitch ups Sovcombank, rates bond BB

Fitch Ratings said it upgraded PJSC Sovcombank to BB+ from BB and assigned an expected rating of BB to SovCom Capital DAC’s upcoming offering of dollar-denominated subordinated tier 2 bonds.

In explaining its rationale for upgrading the bank, Fitch said it cited the bank’s long track record of exceptional performance, robust asset quality, strong profitability, solid liquidity, capital buffers and a better operating environment in Russia.

“The operating environment is improving due to the implementation of a consistent and credible policy framework that should deliver improved macroeconomic stability and better resilience to shocks,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.