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The following ratings have been affirmed and withdrawn:
"Long-term foreign currency IDR: affirmed at 'B-'; Outlook Stable; withdrawn
Short-term foreign currency IDR: affirmed at 'B'; withdrawn
Individual Rating: affirmed at 'D/E'; withdrawn
Support Rating: affirmed at '5'; withdrawn
Support Rating Floor: affirmed at 'NF'; withdrawn
National Long-term Rating: affirmed at 'BB-(rus)'; Outlook Stable; withdrawn"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."