Moody's lowers Petrocommerce

Moody's Investors Service said it downgraded the long-term foreign and local currency deposit ratings of Bank Petrocommerce to B1 from Ba3.

The local currency debt ratings were also downgraded to B1 from Ba3 and the standalone bank financial strength rating was downgraded to E+ from D-.

The Not Prime short-term foreign and local currency deposit ratings were affirmed.

Moody's Interfax also downgraded the long-term national scale rating Petrocommerce to A2.ru from Aa3.ru.

The outlook on all long-term ratings is negative while the outlook on the bank's standalone bank financial strength rating is stable.

"The downgrade of Petrocommerce's ratings reflects its consistently weak financial fundamentals over recent years that prompted Moody's decision to reposition the bank's standalone rating into a lower rating category, resulting in a downgrade of the bank's standalone bank financial strength rating by one notch to E," Moody's assistant vice president and lead analyst for the bank Semyon Isakov said in a news release.

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