Moody's ups Promsvyazbank to Ba2

Moody's Investors Service said it upgraded the bank financial strength rating of Promsvyazbank to D from D-, along with the long-term global local- and foreign-currency deposit ratings to Ba2 from Ba3. Its short-term ratings were affirmed at not-prime. The bank's foreign-currency senior unsecured debt rating was upgraded to Ba2 from Ba3 and subordinated debt rating to Ba3 from B1.

The upgrade reflects Moody's recognition of the positive developments including the growth of its corporate banking franchise and market shares, significant geographic expansion outside of Moscow and continued diversification of earning streams, Moody's said.

The ratings are constrained by the bank's the significant single-name concentration of the bank's loan book and the ongoing predominance of corporate banking in the bank's business, the agency said.

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