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Thursday, August 22, 2019

Fitch upgrades Rosbank rating

Societe Generale's Russian-based Rosbank and subsidiaries Rusfinance Bank and DeltaCredit Bank recently received an upgrade in their viability ratings from Fitch Ratings, rising from a BB to BB+ rating.

The upgrade comes from the high level of integration of Rosbank into the group following the merger with BSGV Bank and the revised governance structure. The rating also takes into account the improvements in the quality of assets as a result of significant efforts made with problem loans, healthy liquidity and adequate capital levels.

Fitch also affirmed all three banks' long-term issuer default ratings at a BBB+ level with a stable outlook, affirming that the banks received meaningful support from Societe General Group structures.

Rosbank is a Russian universal bank. In 2011 its assets were the ninth-greatest among Russian banks. It merged with another Russian subsidiary of Societe Generale in July 2011.