Fitch Ratings has upgraded Russia-based Bank Zenit's long-term rating, Moody's Investors Service has changed to positive from stable the outlook on the long-term foreign currency deposit rating.
International rating agency Fitch Ratings has upgraded Russian-based Bank Zenit's long-term rating to 'B' from 'B-' (B minus).
At the same time the agency has affirmed Bank's short-term rating at 'B', individual 'D', support «5» and national long-term 'BBB-(minus)(rus)'. The outlooks on the long-term and national long-term ratings remain stable.
The upgrade comes on the back of improved efficiency and a reduced reliance on operations with related parties as well as on bank's good asset quality, reasonable liquidity and relatively strong risk management.
International rating agency Moody's Investors Service has upgraded the outlook on the B1 long-term foreign currency deposit rating on the outstanding senior unsecured notes and E+ financial strength rating to positive from stable. The Not-prime short-term rating and its stable outlook remain unchanged.
Changing the outlook Moody's has taken into account an improved operating environment in Russia as well as Bank Zenit's wider territorial presence, gradual penetration of the retail market and declining levels of related-party lending. Moody's has noted Bank's risk management function which is relatively advanced by Russian standards and provides reassurance that lending expansion is managed properly.
Bank Zenit is one of the 20 largest banks in Russia. According to Bank's book comprised by Russian Financial Accounting Reporting regulations Bank's assets and shareholders' equity on the 1st October of 2005 has exceeded 58 billion of rubles and 8,5 billion of rubles. Bank Zenit has branches in 6 of 7 federal districts of Russia.
Back to the news list
|
