S&P lowers MDM Bank

Standard & Poor’s said it lowered the long-term counterparty credit rating on MDM Bank to B+ from BB- and affirmed the B short-term counterparty credit rating.

The outlook is negative.

The agency also said it lowered the Russia national scale rating on MDM Bank to ruA from ruAA-.

The downgrade reflects continuing pressure on MDM Bank’s financial profile, notably its asset quality and profitability.

S&P said it believes MDM Bank’s market share and capacity to deliver stable earnings have significantly deteriorated in the past few years.

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