OREANDA-NEWS. November 25, 2013. The international ratings agency Fitch Ratings upgraded Bank ZENIT's long-term issuer default rating (IDR) from "B+" to "BВ-" with a "stable" outlook. Fitch Ratings also revised the Bank's national long-term rating from "A(rus)" to "A+(rus)" with a "stable" outlook. Bank ZENIT's viability rating was upgraded to "bb-".

"The upgrade of Bank ZENIT's ratings reflects Fitch's assessment of the Bank's risk profile relative to peers, noted Fitch Ratings in its release. "ZENIT's credit profile is supported by its broad franchise, limited appetite for rapid growth and quite stable performance".

Earlier this year Moody's Investors Services affirmed Bank ZENIT's financial strength rating of "D-" and a long-term foreign currency deposit rating of "Вa3/Not Рrime". These ratings came with a "stable" outlook.

"The ratings upgrade is another indication that the Bank adopted the right strategy for a sustained business growth. A conservative approach to maintaining the necessary liquidity levels and mitigating credit risks, taken together with high quality of banking assets, helped the Bank not only to maintain its credit ratings but also upgrade them," commented Elena Gornaya, Deputy Chairman of the Management Board of Bank ZENIT.