Fitch puts Carcade on watch

Fitch Ratings said it placed Carcade LLC on Rating Watch negative following recent news that its current owners have agreed to sell the company to the shareholders of B&N Bank.

The ratings on negative watch include long-term foreign- and local-currency issuer default ratings of BB-, national long-term rating of A+(rus) and senior unsecured debt ratings at BB- and A+(rus). The company’s short-term foreign-currency issuer default rating was affirmed at B.

The negative watch reflects potential changes in Carcade’s strategy, risk appetite, balance sheet structure, financial metrics and possible contingent risks arising from other assets of the new owners, including B&N Bank, following the change in ownership, Fitch said.

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