Alfa Bank upgraded by Fitch to B+ with Stable Outlook
17 Sep 2003
Alfa Bank's other ratings have been affirmed at Short-term B, Individual D and Support 4. Alfa Bank is the commercial banking arm of the Alfa Bank Group.
"The rating upgrade reflects an ongoing development of Alfa's funding base, assisted by a rapid retail deposit growth, continuing adequate asset quality, efforts by management to reduce costs and the improving economy in Russia. In addition, it is Fitch's opinion that Alfa is continuing to move closer to its stated objective of building a genuine national banking franchise, which the agency considers a positive rating factor," Fitch said.
According to the Fitch, Alfa Bank is one of the five largest commercial banks in Russia by assets. Alfa Bank comprises both commercial and investment banking operations with an emphasis on the corporate sector, but also has a growing retail business.
For more information please contact:
London
Alexander Giles
Tel: +44 (0) 207 417-63-30
Moscow
Natasha Page
Tel: +7 095 956-99-01
Note to Editors: Fitch's Support and Individual Ratings for Banks
Fitch's Individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on external support. Its Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather, respectively, an assessment of the intrinsic strength of a bank and of any level of outside support that may, or may not, be available to it.
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