“Fitch” has withdrawn “Atabank” OJSC (AB) ratings, including its Long-Term IDR on Rating Watch Evolving (RWE), as the issuer has chosen to stop participating in the rating process.
Fitch has withdrawn AB's ratings without resolving the Rating Watch on its Long-Term IDR and Viability Rating due to insufficient information to assess the bank's credit profile. The agency placed AB's Long-Term IDR and VR on RWE on 10 December 2017 following the publication of the Exposure Draft of Fitch's revised Bank Rating Criteria, which expanded the rating scale by introducing '+' and '-' modifiers for the 'CCC' rating category. The revised Bank Rating Criteria was published on 23 March 2018.
Fitch notes that the main areas of concern with respect to the bank's credit profile remain weak asset quality and low reserve coverage of problem loans.
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