...State Support Highly Likely: Sberbank of Russia's (SBR) Long-Term Issuer Default Ratings (IDRs) are underpinned by potential support from the state. The Positive Outlooks on SBR's IDRs reflect those on the sovereign. The authorities would have a very high propensity to support SBR, in Fitch Ratings' view, because of SBR's exceptionally high systemic importance and dominant market shares, majority ownership by the Central Bank of Russia (CBR, 50%+1 share) and high reputational risks for the Russian authorities in case of SBR's default. Strong Standalone Profile: SBR's Viability Rating (VR) is among the highest in Russia. The VR reflects SBR's strong financial performance, resilient asset quality and reasonable capital adequacy. The VR is also driven by SBR's dominant market shares in Russia resulting in significant pricing power as shown by the bank's granular, stable and cheap funding base. Stable Asset Quality Outlook: SBR's non-performing loans (NPLs, 90 days' overdue) and performing...
