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Fitch downgrades ratings of 13 foreign-owned Russian banks

July 30, 2014, 18:34 UTC+3
The downgrade of the banks' IDRs and debt ratings follows the downgrade of Russia's country ceiling to BBB from BBB+
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© EPA/ANDREW GOMBERT

MOSCOW, July 30. /ITAR-TASS/. Fitch Ratings has downgraded the long-term Issuer Default Ratings (IDRs) of 13 Russian banks with foreign stakes to BBB from BBB+ with a negative outlook, the international rating agency said on Wednesday.

“The downgrade of the banks' IDRs and debt ratings follows the downgrade of Russia's country ceiling to BBB from BBB+,” the rating agency said in a statement.

Fitch’s rating actions affected Raiffeseinbank, Citibank, Rosbank, Rusfinance Bank, DeltaCreditBank, Bank of China, Nordea Bank, Danske Bank, ING Bank, SEB Bank, HSBC Bank, Credit Agricole Corporate and Investment Bank and China Construction Bank.

Fitch holds the view that the banks’ parent companies could weaken support for their Russian subsidiaries.

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