S&P puts MDM Bank on watch

Standard & Poor's said it placed the BB long-term counterparty credit rating on MDM Bank on CreditWatch with negative implications. The B short-term counterparty credit rating was affirmed.

"The CreditWatch placement reflects today's announcement that the shareholders of MDM Bank and URSA Bank (not rated) plan to combine their equity stakes to form a holding company, establish common ownership over the two banks, and eventually merge them," S&P analyst Eugene Tarzimanov said in a statement.

The agency said URSA has a weaker financial profile than MDM.

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