Moody’s revises Khanty-Mansiysk bank to negative

Moody's Investors Service said it changed the outlook on the Ba3 long-term deposit ratings and B2 (hyb) subordinated debt rating of Khanty-Mansiysk bank Otkritie PJSC to negative from stable.

Concurrently, the agency affirmed the bank's deposit ratings, subordinated debt rating, short-term not-prime ratings, and its standalone bank financial strength rating of E+/stable, corresponding to a standalone baseline credit assessment of b1.

Moody’s said the outlook change was driven by the deteriorating operating environment in Russia, which exacerbates negative pressure on the financial fundamentals of the bank and its parent Bank Otkritie Financial Corp. (BOFC; formerly Nomos-Bank).

The action on Khanty-Mansiysk bank Otkritie follows the recent revision of Bank Otkritie Financial’s outlook to negative.

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