By Andrei Skvarsky.
Otkritie Bank, part of Otkritie Financial Corp, last week received a long-term B rating from Fitch with a Rating Watch Positive outlook in what the Moscow-based corporation sees as good going for a lender just two years old.
B (‘financial situation varies noticeably’) is the second-highest tier in Fitch’s Non-Investment Grade.
Otkritie Bank was formed through the merger of four banks, three of which were going through a recovery process.
“One reason for the high assessment by Fitch is the good quality of [the bank’s] corporate loan portfolio and its stable liquidity,” Otkritie Financial Corp said in a statement.
Presumed advantages for the lender as a result of the planned takeover of Russia’s Nomos-Bank by Otkritie Financial Corp were the main reason for Otkritie Bank being put on Rating Watch Positive, the statement said.
Fitch’s assessment is the second international rating to have been assigned to Otkritie Bank. A year ago Standard & Poor’s assigned a long-term B- and a short-term C rating to the firm, confirming them in December 2011.
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