Fitch affirms Vneshtorgbank

Fitch Ratings said it affirmed Vneshtorgbank's ratings, including its BBB long term rating, F3 short-term rating, C/D individual rating and 2 support rating.

The outlook is stable.

The affirmation follows the bank's announcement that it is likely to increase its stake in Industry & Construction Bank.

The ratings reflect the bank's adequate liquidity and asset quality, relatively diversified funding base and considerable franchise in Russia, the agency said.

Fitch said the ratings also take into account the bank's decreased capital ratios, potential impairment of the loan book in view of rapid growth, increased operational risk resulting from new acquisitions, the high concentration of the loan book and the still high, although reduced, volatility of earnings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.