Fitch Affirms Spurt at 'B-'; Withdraws Ratings
OREANDA-NEWS. Fitch Ratings has affirmed JSC Spurt Bank's (Spurt) Long-term foreign currency IDR at 'B-' with Negative Outlook and subsequently withdrawn the ratings.
Fitch has withdrawn the ratings as Spurt has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Spurt.
KEY RATING DRIVERS
The affirmation follows the limited change in the bank's credit profile since our last review. On 2 December 2015 Fitch downgraded Spurt to 'B-' from 'B' with Negative Outlook reflecting the bank's weak asset quality and capitalisation with significant additionally identified risky related party/relationship lending. For more details see 'Fitch Upgrades Expobank, Downgrades Spurt, Affirms 2 Other Russian Banks' on www.fitchratings.com.
The following ratings have been affirmed and withdrawn:
Long-term foreign currency IDR: 'B-', Outlook Negative
Short-term foreign currency IDR: 'B'
Viability Rating: 'b-'
Support Rating: '5'
Support Rating Floor: 'No Floor'
National Long-term Rating: 'BB(rus)', Outlook Negative