OREANDA-NEWS. Fitch Ratings has today upgraded Russia's Orgresbank's ("Orgres") ratings to Issuer Default ("IDR") 'A-' (A minus) from 'B-' (B minus), Short-term 'F2' from 'B', Support '1' from '5'and National Long-term 'AAA(rus)' from 'BB+(rus)'.

These ratings are removed from Rating Watch Positive ("RWP") and Stable Outlooks are assigned to the IDR and the National Long-term rating. The Individual rating is affirmed at 'D'.

The rating action follows yesterday's announcement that Nordea Bank AB ("Nordea", 'AA-' (AA minus)/'F1+'/'B'/'1'), a leading financial institution in the Nordic region, has completed the acquisition of a 75.01% stake in Orgres. The remaining 24.99% are split between three members of senior management and the European Bank for Reconstruction and Development ("EBRD").

The ratings reflect Fitch's view that there is a high probability of support from Nordea for Orgres in case of need.