International rating agency Fitch Ratings upgraded JSB Orgresbank’s ratings following the announcement that Nordea, the largest Nordic bank group, had finalized the acquisition of a 75.01 per cent stake in JSB Orgresbank.
The previous JSB Orgresbank’s Issuer Default Rating (IDR) of B – (B minus) was replaced by A- (A minus), the International Short-Term Rating of B was replaced by F2, the Support Rating 5 by 1 and the National Long-Term Rating of BB+(rus) by AAA (rus). The ratings were withdrawn from Rating Watch list “Positive”, the Bank’s outlook on IDR and National Long-Term Rating is stable.
The newly assigned Fitch ratings indicate a higher reliability and financial stability of Orgresbank which is of considerable importance for the Bank’s customers both at domestic and international markets.
Partnership with Nordea Group will facilitate a wide access to cheaper and long-term sources of financing with the positive impact on Orgresbank’s competitiveness. Besides, having access to Nordea banking products and risk management system JSB Orgresbank will improve its business structure.
JSB Orgresbank was listed as the second bank in Russia that had been so highly estimated by Fitch Ratings international agency.