OREANDA-NEWS. International ratings agency Fitch Ratings has upgraded the Viability Rating for French banking group Societe Generale’s Russia-based Rosbank and its subsidiaries Rusfinance Bank and DeltaCredit Bank from BB to BB+. The Viability Rating upgrade reflects Fitch’s view of the high level of integration of Rosbank into the Group following the merger with BSGV Bank and the revised governance structure, while at the same time taking into consideration improvements in the quality of assets as a result of significant efforts made with problem loans, healthy liquidity and adequate capital levels.

At the same time Fitch affirmed all three banks’ long-term issuer default ratings at the level of BBB+ with a stable outlook. The affirmation was based on the view that these banks received meaningful support from Societe General Group structures. The ratings remain constrained by Russia’s sovereign rating. According to Fitch, Societe Generale will continue to actively support its subsidiary banks considering the strategic interests of the French banking group on the Russian market.