...Strongest Russian Bank: Sberbank of Russia's (Sberbank) `BBB-` Long-Term Issuer Default Ratings (IDRs) are driven by the bank's standalone strength, reflected in its Viability Rating (VR). The VR factors in Sberbank's dominant market positions, stable deposit base, strong performance relative to the sector and solid liquidity position. Capitalisation remains adequate, but has moderated as a result of the revaluation of foreign-currency assets. State Support Highly Likely: Sberbank's ratings are also underpinned by potential support from the state. Fitch views the Russian authorities' propensity to provide support to Sberbank, in case of need, as very high due to: majority ownership by the central bank (50%+1 share); Sberbank's exceptionally high systemic importance (accounting for about 30% of system assets and 45% of retail deposits at end-1H15); the track record of capital and funding support; and the reputational risks for the authorities if Sberbank's were to default. Environment Drives...
