Russia's MBRD ratings upgraded on potential support from Sistema - Fitch |
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Fri, 20 Jul 2007 10:22
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MUMBAI (Thomson Financial) - Fitch Ratings said it has upgraded the long-term issuer default rating of Moscow Bank for Reconstruction and Development (MBRD) to 'B+' from 'B' and national long-term rating to 'A-' from 'BBB- with a stable outlook, underpinned by the potential support from AFK Sistema JSFC, the bank's majority shareholder with an approximate 95 pct stake.The ratings agency also affirmed MBRD's short-term IDR at 'B', individual rating at 'D/E' and support rating at '4'.Fitch has also upgraded the ratings on MBRD's eurobonds due on March 2008 and June 2009 to 'B+' from 'B', and affirmed the 'RR4' recovery rating assigned to the bank's issues.The rating action follows the upgrade of Sistema's long-term IDR to 'BB-' with stable outlook.The future direction of the bank's ratings is likely to depend on Sistema's long-term IDR and Fitch's view of the parent's propensity to support MBRD, the ratings agency said.TFN.newsdesk@thomson.comjro/apm/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Sistema's ratings upgraded to 'BB-' with stable outlook - Fitch 