Fitch Upgrades Ukrsotsbank Rating to �B’

Yesterday Fitch Ratings announced it upgraded Ukrsotsbank’s (USCB: HOLD) long-term issuer default rating to ‘B’ from ‘B-,’ maintaining its Rating Watch Positive status. A Fitch representative said that the upgrade reflected the company’s successful retail franchise expansion, which has been driving its balance sheet and revenues diversification. The positive watch and support ratings reflect the fact that Unicredito Italiano has agreed to acquire a 95% stake in Ukrsotsbank. Other ratings for the bank were also affirmed: short-term issuer default rating ‘B,’ Individual ‘D’ and Support Rating Floor ‘B-.’