Fitch cuts Parex Banka

Fitch Ratings said it downgraded Parex Banka's long-term issuer default rating to RD from BB, short-term issuer default rating to RD from B and support rating to 5 from 3.

The senior unsecured ratings was downgraded to CC from BB and assigned a recovery rating of RR4.

The action follows the decision by the Latvian government and the Financial and Capital Market Commission to set restrictions on the fulfillment of the obligations by Parex, according to the agency.

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