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Fitch lowers rating of Russian bank linked to Moscow Patriarchate

October 24, 2016, 16:41 UTC+3

Peresvet's rating has been lowered to "D" from "B+"

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© Sergei Savostianov/TASS

MOSCOW, October 24. /TASS/. International rating agency Fitch has lowered the long-term issuer default rating of Russia’s Peresvet bank to default "D" from "B+", the agency said in a statement.

"The downgrade reflects the announcement made by the Central Bank of Russia (CBR) on Friday, 21 October 2016, that it has introduced a temporary administration regime in the bank and imposed a moratorium on the servicing of Peresvet's obligations for six months," the agency said.

The agency added that it "may upgrade the ratings if the bank receives sufficient support to again become a viable entity".

In mid-October, media reported that the bank’s CEO Alexander Shvets disappeared and his location had been unknown for several days. Later, the bank’s press service denied those reports saying that Shvets is in Moscow and was undergoing medical treatment in one of the hospitals. Vice president Pavel Panasenko temporary fulfilled the duties of the bank’s CEO.

On October 18, the Peresvet bank that has been historically linked with the Moscow Patriarch’s Office, introduced the limit of 100,000 rubles ($1,601) on allocation of funds to its clients.

On October 20, the bank’s failed to place its bonds worth 2 bln rubles ($32 mln) due to lack of demand among the investors.

On October 21, the Central Bank announced that a temporary administration has been appointed in the bank.

The Peresvet bank was registered on October 13, 1992. The Moscow Patriarch’s Office holds about 36% of the bank’s shares. OOO Sodeystviye holds 13% and Expocenter owns 24%. The bank is a member of the deposit insurance system.

As of October 1, 2016, the bank’s assets amounted to 200.3 bln rubles ($3.2 bln). This includes 77.5 bln rubles ($1.2 bln) (funds of corporate clients) and 22.

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