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. Last Updated: 07/27/2016

Banks Upgrade




MOSCOW -- International rating agency Fitch IBCA Monday upgraded the long-term and individual ratings of Central Bank-owned Moscow Narodny Bank to BB and C/D from B+ and D.


The agency said the upgrade was based on improvements in the bank's business and its prospects.


The boost comes just days after the agency upgraded four other major Russian banks. Alfa Bank was upgraded from CCC- to CCC+ on its long-term rating and its individual rating was placed at D/E on positive.


The move Thursday was based on the agency's expectation of the bank's full repayment of its Eurobond this week, and on recent financial results that showed a boost in the bank's profitability, asset quality and capitalization.


MDM Bank was also approved. It was upgraded on its short-term rating from C to B, long term from CCC to B- and individual from D to C/D.


The agency said the hike reflected the bank's good management and ability to build successfully on its position.