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Fitch Upgrades SDM-Bank to 'BB' from 'B+' with Stable Outlook


October 21, 2016 Fitch Ratings upgraded SDM-Bank's Long Term Issuer Default Rating (IDR) to 'BB' (Stable Outlook).

Fitch views the quality of SDM-Bank's largest exposures as generally adequate and well covered by hard collateral. NPLs remained a low 1.3% of end1H16 gross loans.

The bank's capital position improved in 1H16, as expressed by a 17.2% FCC ratio (compared with 14.6% at end 2015), due to a 16.5% return on equity for 2015. Current regulatory capitalisation allows absorption of about 12% of loan losses, which is a solid buffer. Fitch does not expect capital ratios to materially decrease in the near term. Liquidity risks are mitigated by a considerable liquidity cushion, which was sufficient to withstand a substantial 65% reduction in customer funding at end9M16.

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