Fitch Affirms Russia's Absolut Bank at 'B'
OREANDA-NEWS. Fitch Ratings has today affirmed Russia-based Absolut Bank's ("Absolut") ratings at Issuer Default 'B', Short-term 'B', Individual 'D', Support '5' and National Long-term rating 'BBB(rus)'. The Outlooks on the Issuer Default rating ("IDR") and National Long-term rating remain Stable.
Fitch has also assigned Absolut Finance S.A.'s upcoming eurobond issue an expected Long-term 'B' rating and an expected Recovery Rating 'RR4'.
The ratings of Absolut reflect the risks associated with its very rapid growth and geographical expansion; high concentration by borrower and on Moscow's real estate and construction sectors; and certain weaknesses in the operating environment.
However, they also take into account the bank's sound performance to date, good asset quality, and niche franchises in trade finance and mortgages.
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