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Fitch warns Euroclear of potential rating downgrade over Russian assets confiscation

The agency explained that the move "reflects Fitch's view of potentially increased liquidity and legal risks for Euroclear Bank"

LONDON, December 17. /TASS/. International rating agency Fitch Ratings has warned Belgian depository Euroclear of a potential rating downgrade due to possible liquidity issues linked to plans to provide a so-called "reparations loan" to finance Kiev.

Fitch said it had placed Euroclear Bank on "Rating Watch Negative," which could result in a downgrade of its AA rating. The agency explained that the move "reflects Fitch's view of potentially increased liquidity and legal risks for Euroclear Bank and EH (jointly Euroclear) from the European Commission's (EC) plans to use the immobilized assets of the Central Bank of Russia (CBR) for a reparations loan to Ukraine."

Fitch added that these risks are also related to a decision taken by European Union countries last week to freeze Russia’s assets indefinitely, replacing the current mechanism under which the measure is extended twice a year.

"In our view there is a still low, but increased likelihood that insufficient legal and liquidity protections could create a maturity mismatch in Euroclear's balance sheet if liabilities of the CBR become payable. In addition, litigation risk could increase materially if not sufficiently offset by legal protections included in the reparations loan structure," the statement said.

At the same time, the agency stressed that "Fitch's base case remains that, if the EC proceeds with plans for a reparations loan, comprehensive legal and liquidity protections will be provided to Euroclear Bank as part of it, so that its credit profile would remain commensurate with its 'AA' Long-Term Issuer Default Ratings (IDR)."

On December 12, the Council of the European Union decided to indefinitely block Russia’s sovereign assets. The European Commission hopes to secure a decision at the EU summit on December 18-19 to expropriate 210 bln euro in Russian assets, of which 185 bln euro are frozen at the Euroclear platform.

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