Fitch downgraded the rating of several major Russian banks – RBC

Fitch downgraded the rating of several major Russian banks – RBC

Photo by Oleg Yakovlev / RBC

According to a press release from the agency, the list of organizations whose rating was downgraded include Vnesheconombank (reduced to BBB- from BBB), the Agricultural Bank (BB + to BBB-), Gazprombank (BB + to BBB-), «Rosagroleasing” (BB from BB +), Sberbank of Russia (BBB- from BBB) and the National Clearing Centre (BBB- to BBB).

In addition, were downgraded from BBB to BBB- long-term foreign currency IDR at the following institutions: CJSC “UniCredit Bank” CJSC “Raiffeisenbank”, CJSC “Citibank”, JSC “Nordea Bank», Danske Bank (Russia), OJSC “SEB Bank”, LLC «HSBC Bank», CJSC “ING Bank (Eurasia)” Rosbank bank “DeltaCredit” Rusfinance Bank, China Construction Bank (Russia), Bank of China and CJSC «Credit Agricole».

As explained, The rating actions follow the downgrade of the sovereign rating and Country Ceiling revision of Russia. Fitch notes that the Russian financial flexibility, and therefore the ability to provide support to these organizations dropped.

Earlier, on January 16 Fitch downgraded the rating of a number of Russian regions. IDR Moscow, St. Petersburg, Tatarstan, Tyumen region and Khanty-Mansi Autonomous District was reduced to BBB- from BBB, outlook on the ratings – “negative».

Fitch downgraded Russia from BBB to BBB- with “negative” outlook on 9 January. Following this, on 13 January, was downgraded 13 major Russian companies – OAO “Gazprom”, OAO “LUKOIL”, OJSC “NOVATEK”, JSC “Russian Railways” OJSC “Gazprom Neft”, JSC “Atomenergoprom”, JSC ” Federal Passenger Company “, OAO” Federal Grid Company of Unified Energy System “,” Polyus Gold “, OJSC” Rostelecom “,” Sukhoi Civil Aircraft “, JSC” Tatneft “and JSC” Uralkali ».

According to the updated forecast Fitch, the Russian economy will fall by 4%. In the previous forecast mentioned agency of the fall by 1.5%. In addition, the Agency expects the budget deficit in 2015 at 3.7% of GDP and inflation by the end of this year at 8.5%.