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Moody's may cut Moscow Bank of Reconstruction
Moody's Investors Service said it placed the B1 long-term local- and foreign-currency deposit ratings of Moscow Bank for Reconstruction and Development, the bank's foreign-currency debt rating of B1 and its subordinate debt rating of B2 on review for possible downgrade. The bank financial strength rating of E+ was affirmed, along with its short-term local- and foreign-currency deposit ratings of not-prime.
The action follows Moody's recent decision to place the Ba3 corporate family and senior unsecured ratings of JSFC Sistema - the bank's major shareholder - on review for possible downgrade.
The bank is deeply involved in providing financial services to Sistema companies, the agency said, as evidenced by a large volume of related party business on both the asset and liability sides of the bank's balance sheet. Moody's said it sees a high degree of interdependence between the parent and the subsidiary and expect that a potential downgrade of Sistema's corporate family rating is likely to lead to a downgrade of the bank's deposit ratings.
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