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Fitch Ratings affirms Rusfinance Bank's IDRs at 'BBB-'.

Moscow: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, affirmed Rusfinance Bank's (RFB) Long-Term Issuer Default Ratings (IDRs) at 'BBB-' with Positive Outlook.

It withdrew the ratings for commercial reasons and will no longer provide rating and analytical coverage of RFB. The bank's IDRs and Support Rating are underpinned by the potential support RFB may receive from its ultimate parent Societe Generale S.A. (SG; A/Stable), which owns RFB through its Russian-based subsidiary Rosbank (BBB-/Positive).

The bank's Long-Term Foreign-Currency IDR is constrained by the Russian Country Ceiling of 'BBB-', which captures transfer and convertibility risks and limits the extent to which support from the foreign shareholder can be factored into the bank's ratings. RFB's Long-Term Local-Currency IDR also takes into account the country risks. The Positive Outlook on RFB mirrors that on Russia's 'BBB-' sovereign rating. The local-currency senior unsecured debt of the bank is rated in line with its Long-Term Local-Currency IDR.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Jul 24, 2018
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