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Fitch rates RN Bank bond BB+, view positive
Fitch Ratings said it revised JSC RN Bank's outlook to positive from stable and affirmed the long-term issuer default rating at BB+.
The agency also assigned RN Bank's fixed-rate ruble-denominated bond a long-term rating of BB+.
The outlook change reflects a similar rating action on Renault SA (BBB-/positive), one of RN Bank's shareholders.
Fitch said the issuer default ratings, national rating and support rating reflect the potential support RN Bank may receive, if needed, from its foreign shareholders. The bank is owned by UniCredit SpA (BBB+/negative) with a 40% stake; by Renault SA (BBB-/positive) through its subsidiary RCI Banque with a 30% stake, and by Nissan Motor Co., Ltd. (BBB+/stable) with a 30% stake.
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