Moody's cuts Investment Trade Bank

Moody's Investors Service said it downgraded the long-term local and foreign currency deposit ratings of Investment Trade Bank (Russia) to B3 (stable outlook) from B2.

Concurrently, Moody's affirmed the bank's E+ standalone financial strength rating with stable outlook, as well as its Not Prime short-term local and foreign currency deposit ratings.

At the same time, Moody's Interfax Rating Agency downgraded the bank's national scale rating to Baa2.ru from Baa1.ru. The national scale ratings carry no specific outlooks.

The action on Investment Trade Bank's ratings is primarily based on the bank's audited financial statements for 2012 prepared under IFRS.

Moody's said the announcement primarily reflects Investment Trade Bank's weakening asset quality and potentially insufficient coverage of problem loans by loan loss reserves, its weak financial performance stemming from elevated credit losses, as well as the low capital adequacy level.

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