Fitch puts Probusinessbank on negative watch

Fitch Ratings said it placed Probusinessbank’s B long-term foreign-currency issuer default rating on Rating Watch negative.

Also on negative watch includes the bank’s long-term local-currency issuer default rating of B, short-term issuer default rating of B, viability rating of B, national long-term rating of BBB(rus), senior unsecured long-term rating of B- with a recovery rating of RR4 and senior unsecured short-term rating of B.

The negative watch primarily reflects concerns about the liquidity of the bank’s securities book given that it is virtually all held outside of Russia and has largely not been traded or refinanced over an extended period of time, Fitch said.

The watch also considers uncertainty concerning the recent review of the bank by the Central Bank of Russia and the potential impact of the recent license withdrawal from a sister bank, the agency said.

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