Fitch Upgrades Bank Saint Petersburg to ‘B+’, Outlook Stable
Fitch Ratings has upgraded Bank Saint Petersburg's Long-term Issuer Default rating (IDR) from ‘B’ to ‘B+’, Outlook Stable. In addition, Fitch has changed the Support Rating Floor from ‘No Floor’ to ‘B-’. The Bank’s other ratings have been affirmed at Short-term IDR 'B', Individual 'D' and Support '5'.
According to Fitch, the upgrade acknowledges Bank’s increased regional franchise, decrease in borrower and sector concentration levels, extended track record of sound asset quality and solid earnings performance against a background of higher capitalization following the November 2007 IPO.