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Moody's downgrades another Russian bank

January 22, 2015, 14:08 UTC+3

The ratings remain on review for further downgrade

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LONDON, January 22. /TASS/. Moody's Investors Services rating agency has downgraded the rating of Svyazinvestneftekhim, a Russian holding with stakes in eighteen largest Tatarstan companies, to Ba1 from Baa3, the agency said on Thursday. The rating remains on review for further downgrade.

Earlier, Moody's cut the long-term ratings of Russia’s state-owned lenders Sberbank, Vnesheconombank (VEB) and the Agency for Housing Mortgage Lending by one notch to Baa3 from Baa2. The rating cut to Baa3, the lowest investment-grade level under Moody’s classification, followed Russia’s sovereign rating downgrade.

On Tuesday, the agency downgraded ratings of Transneft, Russia’s biggest oil pipeline operator, to Baa3. Gazprom's foreign-currency ratings were also downgraded to Baa3 while its local-currency ratingswere downgraded to Baa2.

On Wednesday, Moody's downgraded the ratings of seventeen Russian regions and cities. The regions that received the downgrade are Khanty-Mansiysk, Samara, Chuvashia, Krasnoyarsk, Komi, Omsk, Nizhniy Novgorod, Krasnodar, Belgorod, Mordovia and Vologda. Three cities - Krasnodar, Omsk and Volgograd - also received a lowered rating. Moody's has also put Moscow Region and Mordovia for a downgrade review, due to possible worsening of their credit abilities under a rising risk.

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