Fitch lifts Credit Bank of Moscow view to positive

Fitch Ratings said it changed the outlook on Russia-based Credit Bank of Moscow's issuer default and national long-term ratings to positive from stable and affirmed the bank's ratings at issuer default B-, national long-term BB+(rus), short-term B, individual D and support 5.

Fitch said the ratings reflect the bank's improved but still potentially vulnerable liquidity and currently modest profitability, as well as certain weaknesses in the Russian operating environment.

However, the agency added that capitalization is adequate, customer concentration levels have fallen and the bank has made some progress in diversifying its funding base.

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