Fitch ups National Factoring

Fitch Ratings said it upgraded National Factoring Co.’s long-term issuer default ratings to BB from B+ and kept them on rating watch positive.

The upgrade follows the agency’s assessment of NFC’s new owner, PJSC Sovcombank’s ability and propensity to support the company, Fitch said. The agency rates Sovcombank BB+ with a stable outlook.

“The RWP reflects Fitch's expectation that NFC will be ultimately merged into SCB as well as increased integration and brand alignment with the parent bank,” the agency said in a press release.

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