Fitch: Some Russian banks downgraded

Fitch Ratings said it changed the outlooks on five Russian regional banks to negative from stable, reflecting asset quality deterioration and moderate loss absorption capacity. The issuer default ratings of these five banks, together with six other Russian regional banks, were affirmed.

The banks whose outlooks were changed to negative from stable are Chelindbank, Primsotsbank, SKB-Bank, Spurt Bank and Uraltransbank. Of the other six banks, Bank Rossiya, Petersburg Social Commercial Bank and Sarovbusinessbank carry a stable outlook, Bank Snezhinskiy, BTA-Kazan and International Bank of Saint Petersburg all have a negative outlook.

The negative outlooks and downgrades reflect ongoing asset quality deterioration in the currently challenging Russian operating environment and the generally moderate loss absorption capacity at these banks, Fitch said.

Bank Rossiya's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B and national long-term rating at BB-(rus) with stable outlook.

Bank Snezhinskiy PJSC's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B with negative outlook.

International Bank of Saint Petersburg's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B and national long-term rating at BB-(rus) with negative outlook.

Chelindbank's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B and national long-term rating downgraded to BB(rus) from BB+(rus) with the outlook changed to negative from stable.

JSC Bank BTA-Kazan OJSC's long-term issuer default rating is affirmed at CCC, short-term issuer default rating at C and national long-term rating at B(rus) with negative outlook.

JSC Spurt Bank's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B with its outlook changed to negative from stable.

Petersburg Social Commercial Bank's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B and national long-term rating at BB-(rus) with stable outlook.

Primsotsbank's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B and national long-term rating at BB(rus) with the outlook changed to negative from stable.

Sarovbusinessbank's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B and national long-term rating at BB-(rus) with stable outlook.

SKB-Bank's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B with the outlook changed to negative from stable.

Uraltransbank's long-term issuer default rating is affirmed at B-, short-term issuer default rating at B and national long-term rating downgraded to BB(rus) from BB+(rus) with the outlook changed to negative from stable.

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