Fitch affirms BTA-Kazan

Fitch Ratings said it affirmed JSC BTA-Kazan's long-term issuer default rating at CCC with a negative outlook.

The affirmation follows changes in the bank's shareholder structure after previous majority beneficiary shareholder Mukhtar Ablyazov sold his stake in the bank to a group of small local oil companies, according to the agency.

Despite this, Fitch said it considers near-term risks remain potentially significant.

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