The international rating agency said Friday both rating outlooks are stable. Fitch also affirmed MBRD's short-term issuer default rating at B, the individual rating at D/E, and the support rating at 4.
The changes follow an upgrade in the rating of the bank's main client, diversified company Sistema.
"The rating action follows yesterday's upgrade of Sistema's long-term IDR to BB- with stable outlook," the agency said.
Fitch also upgraded the ratings on MBRD's Eurobonds due on March 2008 and June 2009 to B+ from B. The recovery rating assigned to the bank's issues of RR4 was affirmed.
As of late 2006, MBRD ranked as Russia's 32nd largest bank in terms of assets. The bank focuses on servicing the needs of Sistema, but seeks to diversify into the retail segment.
Founded in 1993, Sistema develops and manages a portfolio of market-leading businesses in selected service-based industries. The companies controlled by Sistema cater to more than 65 million consumers in Russia, former Soviet republics, Central and Western Europe.
