Fitch Ratings affirms AK BARS Bank 'BB-' Issuer Default Rating
Fitch Ratings has affirmed Ak Bars Bank's (ABB) Long-term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. This is preceded by the Republic of Tatarstan (RT) rating upgrade to 'BBB' from 'BBB-' on 1 August 2013.
Key rating drivers, according to Fitch, indicate the moderate probability of support from RT (BBB/Stable) which is based on (i) ABB's considerable market shares in the region, (ii) its large deposit base, (iii) RT's ultimate control over the bank, (iv) the close association between the local authorities and the bank and (v) significant non-equity funding made available to ABB by the local government and government-related entities.
IDR affirmation prove AK BARS’ stable performance continuing holding its leading market positions.