Fitch ups Finansbank

Fitch Ratings said it upgraded Finansbank's long-term foreign and local currency ratings to BB- from B+. Following the upgrade, the outlook is now stable.

Additionally, the agency upgraded the bank's individual rating to C/D from D.

The bank's short-term foreign and local currency, support and national ratings have been affirmed at B, 4 and A-(tur), respectively. The outlook on the national long-term rating remains stable.

Fitch said the upgrade is driven by stronger and consistent profitability, improved asset quality measures, heightened capitalization and a reduction in its structural maturity mismatch.

This is balanced by rapid loan portfolio growth, especially in consumer credit, which could result in higher non-performing loans and weaker equity measures, according to Fitch.

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