28 Jan 2010 17:26

Fitch affirms and withdraws ratings for Russia

MOSCOW. Jan 28 (Interfax) - Fitch Ratings affirmed and simultaneously withdrew on Thursday Russia-based Sarovbusinessbank's (SBB) ratings, including its Long-term foreign currency Issuer Default Rating (IDR) of 'B-' with a Stable Outlook, the agency said in a statement.

Fitch will no longer provide ratings or analytical coverage of SBB, the statement said.

The following ratings have been affirmed and withdrawn:

"Long-term foreign currency IDR: affirmed at 'B-'; Outlook Stable; withdrawn

Short-term foreign currency IDR: affirmed at 'B'; withdrawn

Individual Rating: affirmed at 'D/E'; withdrawn

Support Rating: affirmed at '5'; withdrawn

Support Rating Floor: affirmed at 'NF'; withdrawn

National Long-term Rating: affirmed at 'BB-(rus)'; Outlook Stable; withdrawn"

The statement said: "The rating affirmations reflect SBB's significant loss absorption capacity, currently low reported non-performing loans (loans overdue more than 90 days stood at 1.6% of total loans at end-2009), and comfortable liquidity. However, SBB has high exposure to the real estate and construction sectors (19% of total loans at end-2009), a significant portion of rolled-over loans (10% of total loans at end-2009), and a short-term funding base."