OREANDA-NEWS. Fitch Ratings has today upgraded JSCB Industrialbank's ("INB") ratings to Issuer Default 'B-' (B minus) from 'CCC' and to Short-term 'B' from 'C' and removed them from Rating Watch Evolving.

INB's Individual rating is affirmed at 'D/E' and removed from Rating Watch Evolving and the Support rating is affirmed at '5'. A Stable Outlook is assigned to the IDR.

This upgrade reflects INB's improved diversification by customer, sector and geographically following the merger with MT Bank, while the ensuing integration risk appears to have been reasonably managed.

The merger should mean that the bank is better placed to expand its franchise and achieve some economies of scale, although competition remains intense.