Fitch cuts Orient Express Bank to B-

Fitch Ratings said it downgraded Orient Express Bank's long-term issuer default rating to B- from B and its viability rating to b- from b.

The ratings were removed from Rating Watch Negative.

The outlook on the long-term issuer default rating is negative.

Fitch said the downgrade reflects declining capitalization, weak asset quality, negative bottom line results and exposure to the overheated Russian unsecured consumer finance market. The near-term recovery prospects of the unsecured consumer finance market are uncertain given a weak economic environment, high borrower indebtedness, a drop in real disposable incomes and rising unemployment.

Positively the ratings also capture the bank's reasonable funding profile and low refinancing risks, the agency said.

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