Fitch upgrades Rosbank outlook from stable to positive

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MOSCOW, February 2 (RIA Novosti) - Fitch Ratings has upgraded the long-term and national long-term outlook for a leading Russian commercial bank, Rosbank, from stable to positive, the agency said Thursday.

Fitch raised upward the bank's national long-term rating from BBB (rus) to BBB+ (rus) and affirmed its long-term and short-term ratings at B, and its individual rating at D.

According to Fitch, the upgrade of the bank's national long-term rating and outlook reflects Rosbank's growth and diversification after it consolidated its business with the OVK retail banking group, purchased by Russia's leading financial and industrial group Interros in 2003.

The agency also said the changes reflected positive prospects in the development of Rosbank's business, the continued decrease in the concentration of its loan portfolio and the share of operations with related parties and the acceptable current quality of assets.

Rosbank was founded in 1992 and is among the country's top 10 banks in terms of assets. Interros, owned by tycoon Vladimir Potanin, holds a 96% stake in Rosbank.

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