On 8 July 2014 Fitch Ratings affirmed the Long-term Issuer Default Rating of ZAO UniCredit Bank at BBB. Furthermore, Fitch Ratings affirmed ZAO UniCredit Bank's short-term foreign and local currency IDRs at F3, Russia’s national long-term rating is AAA with negative outlook, which is the same for long-term IDRs. The Support Rating was affirmed at 2 and the Viability Rating of ZAO UniCredit Bank at bbb-.
The rationale for this decision was UniCredit Bank’s continued track record of solid financial performance, comfortable capital and liquidity positions, below average credit costs resulting from access to better quality customers and sound risk management controls, generally stable funding base, resulting in below-peers' funding costs, moderate loans/deposits ratio and effective cost control.
Impact on investors: For information purposes only.