Fitch Ratings, London, 03 June 2019: Fitch Ratings has upgraded Bank Saint Petersburg PJSC’s (BSPB) Long-Term Issuer Default Ratings (IDRs) to ‘BB’ from ‘BB-‘.

The upgrade of BSPB mainly reflects its extended record of stable performance and conservative risk appetite, as well as gradual improvement of the bank’s core capitalisation. The ratings also factor in BSPB’s established franchise in its main region of presence, strong pre-impairment profitability mitigating manageable asset quality risks, and sound funding profile.

At the same time, Short-Term Foreign-Currency IDR  is affirmed at "B". Viability Rating is upgraded to 'bb' from 'bb-'.

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