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Fitch downgrades two Iranian banks
Fitch Ratings said it downgraded Export Development Bank of Iran's and Bank of Industry and Mine's issuer default ratings to B+ from BB- and affirmed the banks' B short-term ratings, D individual ratings and 3 support ratings. The outlook is stable.
The downgrade follows the downgrade of Iran's issuer default ratings to B+ from BB-. The ratings of both banks are driven by the moderate potential support from the Iranian authorities, the agency said, so any changes in the sovereign rating automatically lead to changes in the banks' ratings.
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