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S&P cuts International Bank of Saint-Petersburg
S&P said it lowered its long- and short-term issuer credit ratings on International Bank of Saint-Petersburg to D/D (default) from B-/B.
“The downgrade of IBSP reflects our view of the Central Bank of Russia's (CBR's) regulatory intervention and its appointment of a temporary administration at IBSP on Oct. 15, 2018, based on IBSP's unstable financial position and a threat to its creditors' interests,” the agency said in a news release.
“We note that the CBR imposed a payment moratorium on IBSP for the duration of three months, which will prevent IBSP from meeting its obligations when they come due, and result in a general default.”
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