MOSCOW, April 26 (RIA Novosti) - Fitch Wednesday upgraded its ratings for commercial investment bank Nomos to issuer default B+ from B and to national long-term A- (rus) from BBB+ (rus), both with a stable outlook, the international ratings agency said.
The agency said the rating reflected privately-owned Nomos' strong performance and improved transparency on the back of ongoing positive developments in the Russian operating environment, notwithstanding rising competition.
Also Wednesday, Fitch said it had assigned an expected long-term B+ rating and expected RR4 recovery rating to Nomos' upcoming $150 mln - 200 mln Eurobond issue.
Ranked among Russia's top 20 banks in terms of assets, Nomos is controlled by the bank's management and the ICT group, which is ultimately owned by three individuals, the agency said. It is primarily a corporate bank, active in precious metals and securities trading, Fitch said.
