Fitch affirms Moscow Bank, Dalcombank

Fitch Ratings said it affirmed Moscow Bank for Reconstruction and Development's and Dalcombank's long-term issuer default ratings at B+, thereby resolving the rating watch negative on these ratings.

The outlook is stable.

The action follows the recent affirmation of Sistema Joint Stock Financial Corp.'s long-term foreign-currency issuer default rating at BB- with a stable outlook. Sistema is the main shareholder of Moscow Bank for Reconstruction.

The ratings reflect the strong propensity of Sistema to provide support to these banks in case of need, but also factor in the potentially limited ability of Sistema to provide support, Fitch said.

The future direction of the banks' ratings is likely to continue to depend on Sistema's ratings and the parent's propensity to support the group's banks, the agency said.

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