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Fitch revises outlook on 20 Russian banks to negative

December 29, 2014, 18:44 UTC+3 LONDON
“The action reflects Fitch's expectation that the sharp deterioration in the Russian operating environment will negatively impact the banks' credit profiles in 2015,” the statement said
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© EPA/ANDREW GOMBERT

LONDON, December 29. /TASS/. Fitch has revised the outlooks on 20 mid-sized and small Russian banks from stable to negative, the international rating agency said in a statement on Monday.

“The action reflects Fitch's expectation that the sharp deterioration in the Russian operating environment will negatively impact the banks' credit profiles in 2015,” the statement said.

The banks are Credit Bank of Moscow (rated at BB), Bank Saint Petersburg (BB-), Bank Zenit (BB-), Chelindbank (BB-), Rosevrobank (BB-), Locko-bank (B+), Primsotsbank (B+), Novosibirsk Social Commercial Bank Levoberezhny (B+), Sovcombank (B+), Tinkoff Credit Systems (B+), SDM-Bank (B+), Asian-Pacific Bank (B+), Absolut Bank (B+), Evrofinance Mosnarbank (B+), Bystrobank (B), SKB-Bank (B), Expobank (B), Spurt Bank (B), Pervobank (B), Uraltransbank (B-).

“The revision of the banks' outlooks to negative reflects Fitch's expectation that economic recession, significantly increased funding costs, sharp ruble depreciation, closed wholesale funding markets, a challenging liquidity situation and rising inflation will weigh on the banks' credit profiles,” the statement said.

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