Fitch lifts Probusinessbank

Fitch Ratings said it upgraded Probusinessbank’s long-term issuer default ratings to B from B- with stable outlook.

The upgraded ratings include the bank’s long-term foreign-currency issuer default rating to B from B-, long-term local-currency issuer default rating to B from B-, viability rating to B from B-, national long-term rating to BBB(rus) from BB+(rus) and senior unsecured long-term rating to B with a recovery rating of RR4 from B- with recovery rating of RR4.

The agency also said it affirmed the bank’s short-term issuer default rating at B and senior unsecured short-term rating at B.

The upgrade mainly reflects the improvement in the bank’s capital quality following the sale of a material part of non-core assets, slower loan growth in the challenging unsecured retail segment and healthy liquidity position, Fitch said.

However, the ratings also take into account moderate capitalization, which is still weakened by significant non-banking assets and considerable market risk, the agency said.

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