Moody’s cuts VTB Bank (Armenia) deposits, BCA

Moody's Investors Service said it downgraded the local currency deposit rating of VTB Bank (Armenia) to B1 from Ba3, the bank's baseline credit assessment to b3 from b2, adjusted baseline credit assessment to b1 from ba3 and long-term counterparty risk assessment to Ba3(cr) from Ba2(cr).

The bank's B2 long-term foreign currency deposit rating, NP short-term bank deposit ratings, and NP(cr) short-term counterparty risk assessment were affirmed.

The outlook is stable.

The agency said the downgrade was driven by the bank's weakened standalone credit profile, in particular, its solvency position.

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