Rating agency Fitch downgraded the positions of 31 Russian banks

News
Rating agency Fitch downgraded the positions of 31 Russian banks
Rating agency Fitch downgraded the positions of 31 Russian banks
16 March, 09:34Economy
The international rating agency Fitch Ratings has downgraded the long-term issuer default ratings of 31 Russian banks to "CC" from "B", and short-term - to "C". All ratings have been taken out of review with the possibility of a subsequent downgrade. They were placed there at the beginning of the month.

The fall in the rating followed the downgrade of the sovereign rating of the Russian Federation on March 9.

So, Sberbank, Gazprombank, Zenit Bank, Intesa, Uralsib, Rosselkhozbank, Alfa-Bank, ING Bank (Eurasia), Raiffeisenbank, Toyota Bank, Home Credit and Finance Bank, Rosbank, Tinkoff Bank, Levoberezhny Bank, OTP Bank, SDM-Bank, Loco-Bank, Expobank, Moscow Credit Bank.

Avers, China Construction Bank, Primsotsbank, HSBC Bank, Almazergienbank, Saint Petersburg Bank, Asia-Pacific Bank, MTS-Bank, Bank of China, as well as their subsidiary banks.

All ratings of Chelindbank, Credit Europe Bank and SEB Bank were withdrawn for commercial reasons.

On Monday, March 14, Fitch downgraded the IDRs of a number of Russian companies, including Avtodor, Russian Railways and Russian Post. On the same day, mining companies fell into decline - including Gazprom, NOVATEK and LUKOIL.

In addition, Long-term foreign currency IDRs have been downgraded for two dozen Russian entities, including Moscow and St. Petersburg.

The collapse of the ratings followed the start of the military special operation of the Russian Federation on the territory of Ukraine. In response to Moscow's move, Western countries, as well as Australia and Japan, imposed harsh economic sanctions against Russia. They affected not only Russian officials, oligarchs, the military, propagandists and state-related companies, but also the country's banks. A number of financial institutions have been cut off from the SWIFT international bank transfer system. The ruble showed an unprecedented fall, overcoming new historical lows.

Found a typo in the text? Select it and press ctrl + enter