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 ‘A-' from ‘BB'. It came two weeks after Moody's Investors Service elevated its rating on the deal to ‘Baa3' from ‘Ba2'.

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.

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