Fitch reviews CIS banks

Fitch Ratings said it the following actions on certain CIS banks:

• The CCC long-term issuer default ratings and ccc viability ratings of Atabank OJSC (Azerbaijan) and Orient Express Bank and the ccc viability ratings of International Bank of Azerbaijan, PJSC Alfa-Bank (Ukraine) and Ukrsotsbank (Ukraine) were placed on rating watch evolving;

• The CC subordinated debt rating of State Export-Import Bank of Ukraine (Ukreximbank) (issued by SPV Biz Finance plc) was placed on rating watch positive; and

• The CCC long-term issuer default ratings of Asian-Pacific Bank (Russia) and Uraltransbank (Russia) were maintained on rating watch negative.

Moody’s said the actions were driven by the Dec. 12 publication of the Exposure Draft of Fitch's revised Bank Rating Criteria.

As outlined in the draft, the agency plans to introduce + and - modifiers at the CCC/ccc level for long-term issuer default ratings, long-term international debt and deposit ratings, derivative counterparty ratings and viability ratings.

The revised criteria also propose new guidelines for notching of subordinated and hybrid instruments.

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