Last week, Fitch Ratings upped the rating on the only outstanding future-flow credit card deal from Russia, an initially $300 million issue from Rosbank. The boost spanned five notches, taking the deal to âA-' from âBB'. It came two weeks after Moody's Investors Service elevated its rating on the deal to âBaa3' from âBa2'.
The upgrades followed Societe Generale's move to exercise a call option for 30%, plus two shares, of the Russian bank. This gives SocGen a controlling interest of 50%, plus one share.