Fitch: PSB Finance notes B+

Fitch Ratings said it affirmed Promsvyazbank's long-term foreign currency issuer default ratings at BB- with a stable outlook.

The agency said it also assigned PSB Finance SA's $400 million subordinated loan participation notes a long-term rating of B+.

Fitch said the ratings affirmation reflects limited recent changes in the bank's credit profile and prospects. The rating level reflects the bank's weak capitalization, some higher-risk exposures in the loan book and uncertainties arising from the rapid growth strategy in more risky market segments.

However, the agency said the ratings also take account of the reasonably diversified funding franchise and the track record of comfortable liquidity management.

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