International rating agency Fitch Ratings has affirmed its long-term Issuer Default Ratings (IDRs) on OTP Bank at BB, on Tinkoff Bank at B+, and on Orient Express Bank at B-. Furthermore, Home Credit Bank and Sovcombank were affirmed at B+.
The rating outlook for Tinkoff Bank and Sovcombank was revised from negative to stable, and for the ratings of other banks the rating outlook remained the same (stable for OTP Bank, and negative for Orient Express Bank and Home Credit Bank).
The affirmation of the ratings reflects moderate deterioration of the banks' credit profiles in the past 12 months, analysts pointed out.
Fitch expects no recovery of consumer lending in Russia in the short term given weak economic conditions, high consumer leverage, rising unemployment and a decline in real disposable income because of rouble devaluation and high inflation.
