Fitch: MBRD outlook stable

Fitch Ratings said it revised the Moscow Bank for Reconstruction and Development's outlook to stable from positive, downgraded its viability rating to b- from b and affirmed its long-term issuer default rating at B+, short-term issuer default rating at B, support rating at 4, individual rating at D/E and national long-term rating at A-(rus).

The outlook revision is due to the revision of the outlook on majority shareholder Sistema JSFC (BB-) to stable from positive.

The downgrade of MBRD's viability rating reflects the bank's continued operating losses, still relatively high levels of non-performing assets, tighter liquidity and capital as a result of the recent rapid growth in lending and uncertainty regarding its changing business model, Fitch said.

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