Fitch Ratings upgrades Asian-Pacific Bank to “B-”, outlook stable

30 October 2018, Fitch Ratings has upgraded Asian-Pacific Bank (hereinafter the Bank) to “B-” from “CCC” and removed them from Rating Watch Positive, outlooks are stable. Analysts mentioned that the increase in the Bank’s ratings is primarily due to the Bank’s recent recapitalization and restoring capital adequacy ratios. The agency also noted a high level of liquidity, an adequate level of loan loss reserves and the potential growth of financial results in 2018-2019.

Dmitry Makarov, Vice-president for Foreign Economic Affairs and Strategic Development of Asian-Pacific Bank, commented: “The positive rating action of Fitch Ratings indicates that the Bank has successfully passed the period of instability, which began at the end of 2016, therefore maintaining and strengthening positions in the market. After the procedure of recapitalization, the Central Bank of Russia became the main owner Asian-Pacific Bank. Since July 2018, the bank has shown a positive trend in many financial indicators, fulfilling all the regulatory requirements”.