Fitch affirms Zenit Bank

Fitch Ratings said it affirmed Zenit Bank's long-term issuer default rating at B+, short-term issuer default rating at B, long-term local-currency issuer default rating at B+, viability rating at B+, national long-term rating at A-(rus) and senior unsecured local-currency debt rating at B+/A-(rus) with a recovery rating of RR4.

The ratings reflects eased pressure on Zenit Bank's asset quality in the post-crisis environment and moderate benefits for funding stability, profitability and capital flexibility resulting from the bank's close connections with its minority shareholder, Tatneft, Fitch said.

The ratings continue to reflect the bank's limited franchise, still weak asset quality with significant, although slightly reduced, exposure to construction/real estate and moderate capitalization and profitability, the agency said.

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