Fitch cuts Eurasian Development to BB+

Fitch Ratings said it downgraded Eurasian Development Bank's long-term issuer default rating to BB+ from BBB+ and placed it on rating watch negative.

“The downgrade reflects the downward revision of solvency to bbb (from a previously) due to the severe macro financial shocks resulting from international sanctions in response to Russia's military invasion of Ukraine,” Fitch said in a press release.

The RWN indicates the volatility in international relations, including the potential for sanctions tightening and uncertainty over Russia's policy response and the effect it may have on the bank's key solvency metrics, the agency said.

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