Fitch cuts Russian Banks

Fitch Ratings said it downgraded the long-term issuer default ratings of Russian banks and their local and international subsidiaries and holding companies, and put the ratings on rating watch negative.

The rating actions follow the downgrade of the Russia's sovereign rating to B/RWN on Wednesday, Fitch said.

Fitch said it cut SB Capital SA’s subordinated rating to B-/RR6 from BBB-, Eurasia Capital SA’s subordinated ratings to CCC-/RR6 from B-/RR6, Credit Bank of Moscow’s ratings to B from BB, VEB Finance plc’s senior unsecured rating to B/RR4 from BBB, JSC VEB-Leasing’s ratings to B from BBB, SovCom Captital DAC’s senior unsecured rating to B from BB+ and subordinated ratings to CCC+/RR6 and CCC-/RR6 from BB- and B, respectively.

Additionally, the agency also lowered Russian Agricultural Bank’s senior unsecured rating to B from BBB-, AO Toyota Bank’s guaranteed rating to BB from A, Gazprombank’s ratings to B from BBB-, TCS Finance DAC’s subordinated rating to CCC- from B, Alfa Bond Issuance plc’s senior unsecured rating to B from BBB- and subordinated ratings to CCC+ and CCC- from BB and B+, respectively, Sovcombank to B from BB+, JSC Alpha-Bank’s ratings to B from BBB-, Tinkoff Bank to B from BB+ and VEB.RF to B from BBB.

Additionally, Fitch withdrew ratings for Sovcombank, VEB Finance, VEB Leasing and VEB.RF.

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