Fitch ups International Investment Bank

Fitch Ratings said it upgraded International Investment Bank's long-term issuer default rating to A- from BBB+.

“The upgrade of IIB's long-term IDR to A- reflects an improvement in our assessment of the bank's business environment, reflecting the ongoing diversification of the bank's operations across the EU following the relocation of its headquarters to Budapest from Moscow. As well as the more symbolic change of its head office, underpinning this move is a shift in the bank's lending operations and shareholding structure, focussing on a larger share of lending in the E.U. and increased share of E.U. shareholders in the bank,” Fitch said in a press release.

The outlook is stable.

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