Fitch Ratings, the international rating agency, promoted URSA Bank’s Rating Outlook from Stable to Positive.

The bank’s Issuer Default Rating was affirmed at B, its individual rating at D in both short- and long-term; its support rating was affirmed at 5 and level of long-term IDR support was affirmed as missing..

‘This positive rating results from URSA Bank’s recent issue of $408 million worth of preference shares and the rate the bank uses on its mortgages and car loans; credit cards offered to borrowers with a nice credit record were another factor,’ Fitch Ratings says referring to Alexei Kechko, Junior Director of Fitch’s Moscow group.