Fitch Ratings upgrades NOMOS-BANK ratings outlook to “positive”

Fitch Ratings international agency has upgraded from “stable” to “positive” its outlook on NOMOS-BANK’s long-term Issuer Default Rating (“IDR”) and national long-term rating. The agency has also upgraded the Bank’s national long-term rating from “A−(rus)” to “A(rus)” level.

“Positive” outlook reflects the continuing growth and regional diversification of the Bank’s client base, as well as continued maintenance of good profitability and adequate asset quality, — indicates the agency’s press release. — Besides, ratings outlook reflects a gradual improvement in the operating environment and prospects of large Russian banks.

"“Revision of outlook and ratings upgrade prove that NOMOS-BANK has chosen the right development direction and effectively resolves the tasks that arise on that path”, — believes Yuri Lekarev, Director of NOMOS-BANK Department for International Operations.

Fitch also points out as a positive development the emergence of foreign shareholders in the Bank’s ownership structure. The agency believes that this may positively affect the Bank’s development, “particularly, in the retail lending segment”. Besides, the expansion of the Bank’s shareholding pool opens up broader opportunities in terms of “capital maintenance and, potentially, liquidity”, — stress the agency’s experts.

Fitch also confirmed other NOMOS-BANK’s ratings at the following levels: long-term Issuer Default Rating — “B+”, short-term Issuer Default Rating — “B”, Individual Rating — “D”, and Support Rating — “5”. The Bank’s long-term Issuer Default Rating support level was upgraded to “B−”.

Fitch experts have noted a possibility of upgrading the Bank’s ratings in case the Bank achieves “longer maturity terms of its funding base and further expands its client base while maintaining good assets quality and adequate capitalisaton”.