Fitch slices IIB

Fitch Ratings said it downgraded International Investment Bank's long-term issuer default rating to BB- from BBB. The rating remains on rating watch negative.

The agency noted IIB appealed and provided additional information to Fitch that resulted in a rating action that is different than the original rating committee outcome.

“The downgrade to BB-/RWN from BBB/RWN reflects the negative impact of the conflict between Russia and Ukraine on the bank's key credit metrics. Fitch has revised IIB's solvency to bbb- from a-, primarily to reflect the impact of the crisis on IIB's risk profile. The severity of the crisis affects our assessment of the bank's business profile, which now leads to a three-notch negative adjustment to solvency (previously two notches),” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.