Fitch ups Bank Saint Petersburg view to positive

Fitch Ratings said it changed the outlook on Bank Saint Petersburg's long-term issuer default rating to positive from stable and affirmed its long-term issuer default rating at B, short-term issuer default rating at B, individual rating at D, support rating at 5 and support no floor.

The outlook upgrade follows the recent raising of $274 million through an initial public offering, which has doubled the bank's equity and should enable it to maintain adequate capital ratios in the short- to medium-term, Fitch said.

The bank's ratings are supported by the bank's strong regional franchise, sound asset quality to date and respectable earnings performance, Fitch said.

At the same time, failure to sustain moderate concentration levels in the loan book, further rapid growth, an increase in impaired loans or any signs of instability in the bank's funding could prevent an upgrade or cause the outlook to revert back to stable, the agency said.

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