Fitch changes NOMOS-Bank’s outlook to Positive

Fitch Ratings changed the Outlooks on Russia-based NOMOS-Bank’s (Nomos) Long-term Issuer Default rating (IDR) and National Long-term rating to Positive from Stable. In addition, the bank’s National Long-term rating is upgraded to “A(rus)” from “A-(A minus)(rus)”. Nomos’s other ratings are affirmed at Long-term IDR “B+”, Short-term IDR “B”, Individual “D” and Support “5”. Fitch has also revised the Support Rating Floor to “B-” (B minus) from “No Floor”.

“The Positive Outlook reflects the continued broadening and regional diversification of the bank’s customer franchise, as well as its extended track record of sound performance and acceptable asset quality. The new Outlook also reflects the gradually improving operating environment and prospects for larger Russian banks,” say Vladimir Markelov, Associate Director of Fitch’s financial institutions team in Moscow, Cbonds said.