MOSCOW, April 24 (RIA Novosti) - Fitch Ratings has upgraded Russia-based Bank Zenit's national long-term rating to BBB+(rus) from BBB-(rus), with a positive outlook, the international rating agency said Tuesday.
"The upgrade and the positive outlook reflect notable improvement in the bank's earnings quality and some reduction in the reliance on funding from related parties," said Vladimir Markelov, associate director of Fitch's financial institutions team in Moscow.
Bank Zenit is on a list of the country's top 30 banks published by the Central Bank of Russia.
