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Fitch upgrades Alpha Bank bonds
Fitch Ratings said it upgraded Alpha Bank SA's covered bonds' rating to BBB- from BB+.
The rating action, the agency said, follows the upgrade of Alpha's issuer default rating.
“Following the upgrade of the bank's IDR, the resolution reference point (RRP) has been revised to BB- (IDR plus two notches of resolution uplift), from B previously, in line with Fitch's covered bonds rating criteria. Therefore, the BBB- rating can be reached based on three notches of recovery uplift above the BB- RRP, since Fitch's relied upon overcollateralization (OC) of 27% is able to withstand cover pool credit losses associated with the BBB- rating,” the agency said in a press release.
The outlook is positive.
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