11:42 - 16.03.2022
March 16, Fineko/abc.az. International rating agency Fitch has downgraded the long-term ratings of 31 Russian banks to CCC from B.
ABC.AZ reports that the changes affected Raiffeisenbank, MKB, Gazprombank, Alfa-Bank, Sberbank, Tinkoff and other credit organizations. They have also been removed from the Rating Watch list. In addition, the rating of the operating environment in Russia was revised, the ratings of the stability of banks were lowered to the level of CCC–.
"We have downgraded all Russian banks' Viability Rating (VR) to 'ccc-' from 'b' (from 'b-' in Joint Stock Company Russian Agricultural Bank) and removed them from RWN to reflect the sharp deterioration in the operating environment for conducting banking business, which has resulted in us revising the Russian operating environment score to 'ccc-' from 'b'. Sanctions imposed by the US and EU have materially increased financial market and economic risks, meaning we see very high fundamental credit risk to banks' asset quality, solvency, funding and liquidity profiles" Fitch said in a statement.
