OREANDA-NEWS. Fitch Ratings has today upgraded Russia-based JSC Promsvyazbank's ("PSB") Issuer Default rating ("IDR") to 'B+' from 'B'. The other ratings are affirmed at Short-term 'B', Individual 'D' and Support '5'; Stable Outlook.

The upgrade reflects the broadening of PSB's franchise and regional coverage, improved funding profile and reduced related-party exposures and non-core assets, as well as improvements in the Russian operating environment.

The ratings are also supported by the bank's acceptable profitability and asset quality to date. However, concentrations in PSB's balance sheet are still substantial, and ongoing rapid growth entails high credit risks and may put pressure on its liquidity and capitalization.