Fitch Upgrades Bank Zenit to 'BBB (rus)'
OREANDA-NEWS. Fitch Ratings has today upgraded Russia-based Bank Zenit's ("Zenit") National Long-term rating to 'BBB+(rus)' from 'BBB-(rus)' (BBB minus); a Positive Outlook is also now in place on the National Long-term rating.
At the same time the agency affirms Zenit's other ratings at IDR 'B', Short-term 'B', Individual 'D' and Support '5'. The Outlook on the IDR is revised to Positive from Stable.
The upgrade and the Positive Outlooks reflect notable improvement in the bank's earnings quality and some reduction in the reliance on funding from related parties.