OREANDA-NEWS. Fitch Ratings has today upgraded Russia-based Bank Uralsib's ("Uralsib") Issuer Default rating ("IDR") to 'B+' from 'B'. The bank's other ratings are affirmed at Short-term 'B', Individual 'D' and Support '4'. Following the upgrade, the Outlook on the IDR is now Stable.

At the same time, Fitch has affirmed Financial Corporation Nikoil's ("Nikoil") ratings of Long-term 'B-' with Stable Outlook, Short-term 'B', Individual 'D/E', Support '5' and simultaneously withdrawn them. Nikoil's ratings are withdrawn in connection with the ongoing restructuring of Uralsib Financial Corporation ("UFC").
 
The upgrade reflects Uralsib's strengthened franchise, substantial equity base and reduced loan concentrations.