Fitch downgrades BTA Bank

Fitch Ratings said it downgraded BTA Bank's long-term foreign- and local-currency issuer default ratings to RD (restricted default) from CC, short-term foreign- and local-currency issuer default ratings to RD from C and long-term senior unsecured debt to C/RR4 from CC and affirmed the tier 1 perpetual preferred securities at C/RR6.

These ratings were removed from Rating Watch negative.

The F individual rating, 5 support rating, "No Floor" support rating floor and C short-term senior unsecured debt were affirmed.

The downgrade follows BTA's announcement that it decided to cease principal payments on wholesale financial obligations until it agrees and implements a restructuring of these obligations. The agency said the bank's issuer default ratings will remain RD until BTA has completed the expected restructuring of its outstanding debt and, in Fitch's opinion, is able to comply with new terms negotiated with its creditors.

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