OREANDA-NEWS. Fitch Ratings has today upgraded AK BARS Bank's ("Ak Bars") ratings to Issuer Default 'BB-' (BB minus) from 'B+', Support '3' from '4' and National Long-term 'A+' from 'A-(A minus)(rus)'. The Outlooks on the Issuer default rating ("IDR") and National Long-term rating remain Stable. At the same time Fitch has affirmed the bank's other ratings at Short-term 'B' and Individual 'D'.

The upgrades follow the Republic of Tatarstan's ("RT") upgrade on 05 February 2007, to IDR 'BB+'/Stable Outlook from 'BB' and National Long-term 'AA+(rus)'/Stable Outlook from 'AA(rus)', and therefore the higher ability of RT to provide support to Ak Bars in case of need.

In Fitch's opinion, RT would have a strong propensity to support Ak Bars in light of its controlling ownership, the servicing by Ak Bars of the RT budget, the bank's extensive retail franchise in the republic (1.4 million retail depositors) and AK Bars' importance to the republic's banking system.