Fitch ups Bank of Moscow

Fitch Ratings said it upgraded the ratings of Bank of Moscow to long-term BBB- from BB+, short-term F3 from B and support 2 from 3.

The outlook remains stable.

The rating action follows the recent upgrade of City of Moscow's long-term foreign currency rating to BBB from BBB-, Fitch said, noting it will review the national long-term rating of AA(rus) in light of this action and will also complete a review of the bank's individual D rating in the next few weeks.

Bank of Moscow's long-term rating is driven by the potential for support from the City of Moscow, its majority shareholder, the agency said.

The rating action reflects Fitch's view of the City of Moscow's improved capacity to support the bank, if required.

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