Moody's raises Promsvyazbank

Moody's Investors Service said it upgraded to D- from E+ the financial strength rating of Russia's Promsvyazbank and has raised the bank's long-term foreign currency deposit and senior unsecured debt ratings to Ba3 from B1.

The bank's short-term deposit rating remains unchanged at Not-Prime. The outlook is stable.

According to Moody's, this upgrade reflects the bank's growing franchise and strengthening positions within the banking sector reflected in its 12th ranking in terms of total assets as of Oct. 1, according to Interfax, its relatively good financial fundamentals and an overall improvement in the bank's operating environment.

Moody's noted that Promsvyazbank's balance sheet still displays high, though declining, single-name concentrations heightening the bank's credit and liquidity risk under adverse scenarios.

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