OREANDA-NEWS.November 21, 2011. Fitch Ratings has affirmed Promsvyazbank's (PSB) Long-term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook, reported the press-centre of Promsvyazbank.

The affirmation reflects the bank's broad franchise (PSB is among the 10 largest Russian banks by assets with a strong regional presence), reasonable pre-impairment income generation, which provides a cushion to absorb credit losses, and the comfortable liquidity position, stated in the agency’s press-release.

About Promsvyazbank
OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 485 bn and total capital of RUB 59.7 bn under IFRS as of 1 July 2011. Holding company Promsvyaz Capital B. V. owns 72.93% of the Bank; Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG, has a 15.32% stake; and the European Bank for Reconstruction and Development owns the remaining 11.75%. PSB has the following international credit ratings: “Ba2” from Moody’s Investors Service; “BB-” from Fitch Ratings. As at 1 October 2011, PSB had a network of about 260 points of sale in Russia, as well as an overseas branch in Cyprus, and representative offices in China, India and Ukraine. http://eng.psbank.ru/