International rating agency Fitch Ratings has withdrawn ratings on Samara-based Pervobank without affirming the ratings. The previous ratings were disclosed in the agency's press release.
As the agency specified, Pervobank decided not to be rated any longer.
On July 14, 2015 Fitch put Pervobank's ratings on Rating Watch with a developing outlook due to the announcement of a stock swap by the owners of Pervobank and bigger positive with a subsequent merger.
The stocks were swapped in early November, as a result of which 87% of Pervobank was gained by Promsvyazbank's holding company, Promsvyazcapital, and former Pervobank owners got a 4.5% interest in Promsvyazbank.
Fitch withdrew Pervobank's ratings without removing them from rating watch due to the lack of information to assess its current and future creditworthiness in connection with a scheduled merger with Promsvyazbank. The agency thinks that Pervobank's credit profile will correlate more with Promsvyazbank's characteristics, but the latter is not rated by Fitch.
