Moody’s lowers Russian banks

Moody's Investors Service said it downgraded the supported senior unsecured, subordinated debt and deposit and issuer ratings of Sberbank, Bank VTB JSC, Gazprombank, Russian Agricultural Bank, Agency for Housing Mortgage Lending OJSC, Vnesheconombank and Alfa-Bank.

These actions follow the weakening of Russia's credit profile, as reflected by the downgrade of Russia's government debt rating to Baa2 from Baa1 on Oct. 17.

The outlook on the long-term ratings of these institutions is negative. The outlook on privately-owned Alfa-Bank's Ba1 supported senior debt and deposit ratings and its guaranteed special purpose vehicles were changed to negative from stable.

At the same time, Moody's Interfax Rating Agency downgraded the national scale ratings of Gazprombank and Russian Agricultural Bank to Aa1.ru from Aaa.ru. The national scale ratings carry no specific outlooks.

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