Fitch cuts Promsvyazbank outlook to stable

Fitch Ratings said it revised Promsvyazbank's outlook to stable from positive.

The bank's ratings are affirmed at issuer default B+, short-term B, support 5 and individual D, Fitch noted.

The change in outlook reflects the reduced likelihood that Commerzbank AG (rated issuer default A/stable outlook), will acquire a majority stake in PSB following recent statements by Commerzbank representatives, Fitch said.

The agency added that ratings reflect significant balance sheet concentrations and risks inherent in the bank's rapid loan growth, which may also put pressure on liquidity and capitalization levels.

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