Fitch ups Home Credit and Finance Bank

Fitch Ratings said it upgraded SB JSC Home Credit and Finance Bank's long-term foreign and local currency issuer default ratings to BB- from B+.

The outlooks are stable.

HCK is the fully owned Kazakh subsidiary of Russia-based Home Credit and Finance Bank (BB, stable).

Fitch said the upgrade of the subsidiary’s ratings follows on the upgrade of the parent on Sept. 23.

“The one-notch rating difference between HCK and HCR reflects the cross-border nature of the parent/subsidiary relationship and the subsidiary's large relative size (around a quarter of the parent's assets at end-2Q21), meaning that capital support could be considerable relative to the parent's ability to provide it,” the agency said in a news release.

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