OREANDA-NEWS. July 9, 2008. URSA Bank is very pleased to announce that Fitch Ratings today upgraded it's Long-term Issuer Default rating (IDR) to 'B+'.

In the words of Alexei Kechko, Director of Fitch's Financial Institutions Group in Moscow, "the upgrade reflects a significant increase in URSA’s franchise and size, as well as improvement in region and loan product diversification over the last two years. The extended track record of sound performance and a moderation of growth rates against a background of higher capital ratios following the June 2007 preference shares issue also support the rating action."

The Agency’s press release also notes URSA Bank’s prudent liquidity management and low market-risk appetite as positive factors for the rating assignment.

URSA Bank Managing Director John McNaughton highlights that the rating upgrade comes at the time of continuing difficulties in global financial markets, thus acknowledging URSA Bank’s remarkable achievements in sustaining its competitive edge in such a challenging environment. “This rating action is a natural result of the Bank’s demonstrated commitment to sound growth through diversification of its business, superior quality of service, and conservative risk management policies.”