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Fitch ups Sovcombank, rates bond BB
Fitch Ratings said it upgraded PJSC Sovcombank to BB+ from BB and assigned an expected rating of BB to SovCom Capital DAC’s upcoming offering of dollar-denominated subordinated tier 2 bonds.
In explaining its rationale for upgrading the bank, Fitch said it cited the bank’s long track record of exceptional performance, robust asset quality, strong profitability, solid liquidity, capital buffers and a better operating environment in Russia.
“The operating environment is improving due to the implementation of a consistent and credible policy framework that should deliver improved macroeconomic stability and better resilience to shocks,” Fitch said in a press release.
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