Fitch trims Eurasian Development Bank

Fitch Ratings said it downgraded Eurasian Development Bank's long-term issuer default rating to B from BB+.

The rating remains on rating watch negative.

“Given the severity of the standoff between Russia and western countries following the invasion of Ukraine, and the share of Russia in EDB's capital (66%), Fitch sees a significant risk that EDB may fall under sanctions from western countries,” the agency said in a news release.

“Sanctions would have a marked impact on EDB's ability to service its debt.”

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