Moody’s axes Russian banks

Moody’s Investors Service said it downgraded a group of Russian banks following its cutting Russia’s sovereign ratings to Ca from B3 with a negative outlook.

The agency cut Alfa-Bank’s senior unsecured ratings to Caa3 from Ba1, its foreign-currency subordinated rating to Ca(hyb) from B2(hyb) and B1(hyb), Credit Bank of Moscow’s foreign-currency senior unsecured rating to Ca from Ba3 and foreign-currency subordinated rating to Ca(hyb) from Caa2(hyb), Gazprombank’s domestic-currency senior unsecured rating to Caa3 from Ba1, foreign-currency senior unsecured MTN to (P)Ca from (P)Ba1 and foreign- and domestic-currency subordinated MTN to (P) from (P)B2 and JSC Dom.RF’s foreign-currency issuer rating to Ca from Baa3 and domestic-currency issuer rating Caa3 from Baa3 and its domestic-currency senior unsecured rating to Caa3 from Baa3.

Moody’s also hacked Russian Agricultural Bank’s domestic-currency senior unsecured rating to Caa3 from Ba1, Sberbank’s backed foreign-currency MTN rating to (P)Ca from (P)Baa3 and foreign-currency backed subordinated rating to Ca from Ba1, Rosbank’s domestic-currency senior and unsecured ratings to Caa3 from Baa3, GTLK Europe Capital DAC’s foreign-currency senior unsecured rating to Ca from Ba2, GTLK Europe DAC’s backed foreign-currency senior unsecured rating to Ca from Ba2, Bank Zenit PJSC’s domestic-currency senior unsecured rating to Caa3 from B1 and Tinkoff Bank’s domestic-currency senior unsecured rating to Caa3 from Ba2 and foreign-currency subordinated rating to Ca(hyb) from B3(hyb).

The outlook for all institutions is negative.

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