Fitch Ratings Affirms and Upgrades Bank ZENIT
International rating agency Fitch Ratings has affirmed Bank ZENIT’s long-term issuer default rating on the international scale at B+ with a stable outlook. The agency has also upgraded the credit rating of Bank ZENIT on the national scale to A (rus) from A-(rus).
Reasons for National Scale Upgrade
As noted in the materials of Fitch agency, the rating increase on a national scale followed a deep analysis of the Bank’s assets and “reflects the advantages of Bank ZENIT in terms of creditworthiness compared to other Russian banks with an international credit rating at B+”. As the advantages of Bank ZENIT, Fitch agency considers, in particular, its wider regional network and moderate ambition to achieve rapid growth.
Moody's and Other Agency Ratings Overview
Earlier this year, another international rating agency – Moody’s Investment Services – has kept the financial strength rating of Bank ZENIT at D- and long-term deposit rating at Ba3/Not Prime. All ratings came with a stable outlook.
Bank ZENIT’s Approach to Asset Quality
“For many years, Bank ZENIT pays close attention to the quality of its assets. This approach contributed to the fact that the growth of key business indicators was gradual and progressive, with no sudden jerks. And as history has shown, this strategy has paid off, ensuring performance of tasks and maintaining the financial stability of the Bank even in the current economic conditions. The affirmation of the Bank’s rating by Fitch agency is an additional evidence in favor of our strategy,” commented Kirill Shpigun, Chairman of the Management Board of Bank ZENIT.
International rating agency Fitch Ratings has affirmed Bank ZENIT’s long-term issuer default rating on the international scale at B+ with a stable outlook. The agency has also upgraded the credit rating of Bank ZENIT on the national scale to A (rus) from A-(rus).
As noted in the materials of Fitch agency, the rating increase on a national scale followed a deep analysis of the Bank’s assets and “reflects the advantages of Bank ZENIT in terms of creditworthiness compared to other Russian banks with an international credit rating at B+”. As the advantages of Bank ZENIT, Fitch agency considers, in particular, its wider regional network and moderate ambition to achieve rapid growth.
Earlier this year, another international rating agency – Moody’s Investment Services – has kept the financial strength rating of Bank ZENIT at D- and long-term deposit rating at Ba3/Not Prime. All ratings came with a stable outlook.
“For many years, Bank ZENIT pays close attention to the quality of its assets. This approach contributed to the fact that the growth of key business indicators was gradual and progressive, with no sudden jerks. And as history has shown, this strategy has paid off, ensuring performance of tasks and maintaining the financial stability of the Bank even in the current economic conditions. The affirmation of the Bank’s rating by Fitch agency is an additional evidence in favor of our strategy,” commented Kirill Shpigun, Chairman of the Management Board of Bank ZENIT.
