On 25 October 2019 Fitch Ratings has upgraded long-term local- and foreign-currency issuer default rating of Asian-Pacific Bank (hereinafter Bank) to “В” with stable outlook.
The upgrade reflects the bank's intrinsic creditworthiness, stabilisation of the bank's business model, improvement in corporate governance driven by appointment of a new professional management team and Board of Directors, and lower risk appetite. Among the Bank’s relative strengths Fitch noted good levels of funding and liquidity.
“Fitch Ratings’ decision to upgrade the Bank’s ratings confirms the improvement of the Bank’s key business indicators - strengthening financial stability and increasing creditworthiness. Positively, this rating action reflects the preservation and strengthening of the Bank’s market positions,” commented Sergey Avramov, Chairman of the Asian-Pacific Bank’s Management Board.