Fitch raises Industry & Construction Bank

Fitch Ratings said it upgraded Industry & Construction Bank's ratings, including the long-term debt rating to BBB- from B+, short-term debt to F3 from B and support to 2 from 4. The Russian bank's individual rating is affirmed at D.

Fitch removed the Rating Watch positive status from the long-term debt and support ratings and assigned a stable outlook.

This rating action follows the announcement that Russia's Vneshtorgbank (BBB/F3) has acquired a further 50% plus two shares in the bank, thus becoming the owner of 75% plus three shares of the bank.

Fitch said it believes that Vneshtorgbank would have a strong propensity to support the Industry & Construction Bank but not, at least initially, to the extent that would warrant the bank's long-term debt rating being equalized with that of Vneshtorgbank.

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