Fitch cuts outlook of six Russia banks to stable

Fitch Ratings said it revised the outlook to stable from positive on six Russian foreign-owned banks.

The outlook revisions affected ZAO Raiffeisenbank, ZAO Citibank, Rosbank, OJSC Nordea Bank, ZAO Danske Bank and SEB Bank JSC, which are all rated BBB+, which reflects the reduced likelihood of an upgrade of Russia's country ceiling of BBB+ following the change in the sovereign outlook.

The Russian Federation's outlook was recently revised to stable from positive, and its long-term foreign- and local-currency issuer default ratings was affirmed at BBB.

The ratings on the banks and their subsidiaries also were affirmed.

ZAO Raiffeisenbank's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2, long-term local-currency issuer default rating at BBB+, national long-term rating at AAA(rus), senior unsecured debt rating at BBB+ and viability rating at BB+.

ZAO Citibank's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AAA(rus). Its viability rating of BB+ is unaffected.

Rosbank's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2, long-term local-currency issuer default rating at BBB+, national long-term rating at AAA(rus), senior unsecured debt rating at BBB+. Its viability rating of BB- is unaffected.

OJSC Nordea Bank's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2 and national long-term rating at AAA(rus).

ZAO Danske Bank's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2 and national long-term rating at AAA(rus).

SEB Bank JSC's long-term foreign-currency issuer default rating was affirmed at BBB+, short-term foreign-currency issuer default rating at F2 and national long-term rating at AAA(rus).

Sberbank - Savings Bank of the Russian Federation's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, senior unsecured debt rating at BBB and subordinated debt rating at BBB-. Its viability rating of BBB is unaffected.

Sberbank Leasing's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, long-term local-currency issuer default rating at BBB and national long-term rating at AAA(rus).

Vnesheconombank's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, long-term local-currency issuer default rating at BBB and senior unsecured debt at BBB.

OJSC VEB-Leasing's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, long-term local-currency issuer default rating at BBB, national long-term rating at AAA(rus) and senior unsecured debt at BBB.

Bank VTB JSC's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, long-term local-currency issuer default rating at BBB, national long-term rating at AAA(rus) and senior unsecured debt at BBB. Its viability rating of BB is unaffected.

CJSC Bank VTB24's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, national long-term rating at AAA(rus) and senior unsecured debt rating at BBB. Its viability rating of BB is unaffected.

VTB Leasing's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, long-term local-currency issuer default rating at BBB, national long-term rating at AAA(rus) and senior unsecured debt at BBB.

VTB Capital plc's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3 and senior unsecured debt at BBB.

VTB Bank (Austria) AG's long-term foreign-currency issuer default rating was affirmed at BBB and short-term foreign-currency issuer default rating at F3.

Russian Agricultural Bank's long-term foreign-currency issuer default rating was affirmed at BBB, short-term foreign-currency issuer default rating at F3, long-term local-currency issuer default rating at BBB, national long-term rating at AAA(rus), senior unsecured debt at BBB and subordinated debt rating at BBB-. Its viability rating of B+ is unaffected.

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