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Fitch upgrades MTS Bank viability rating
Fitch Ratings said it affirmed MTS Bank's long-term issuer default rating at BB- and support rating at 3.
The outlook is negative.
The agency also said it upgraded MTS Bank's viability rating to B+ from B.
The ratings reflect a view that the bank would likely be supported, in case of need, by its shareholder, PJSC Mobile TeleSystems, Fitch said.
The bank is expected to have a strong propensity to support the bank given its majority ownership, which recently increased to 95% from 55%, the agency said.
The two-notch difference between the ratings of Mobile TeleSystems and MTS Bank reflects the subsidiary's limited franchise and strategic importance to the parent company, Fitch said.
The ratings also reflect the company's limited, but increasing integration with the parent and limited track record of profitable performance, the agency said.
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