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Moody’s cuts Russian financial institution subsidiaries
Moody's Investors Service said it downgraded the supported senior unsecured debt and deposit ratings of the following subsidiaries of Russian financial institutions Bank VTB, JSC, Sberbank and Vnesheconombank:
• VTB Bank (Austria) AG: supported long-term deposit ratings to Ba3 from Ba1, negative outlook;
• VTB Bank (Deutschland) AG: supported long-term deposit ratings to Ba3 from Ba1, negative outlook;
• VTB Capital plc: supported long-term ratings to Ba3 from Ba1, negative outlook
• VTB 24: long-term local-currency deposit and senior secured ratings to Ba1 from Baa3, negative outlook and foreign-currency deposit rating to Ba2 from Ba1;
• VTB Bank (Armenia): local-currency deposit rating to Ba3 from Ba2;
• VTB Bank (Azerbaijan): long-term local and foreign-currency deposit ratings to B1 from Ba3, negative outlook;
• Bank of Moscow: long-term local and foreign-currency deposit and senior unsecured ratings to Ba2 from Ba1, negative outlook;
• SB Sberbank JSC: long-term local and foreign-currency deposit ratings to Ba3 from Ba2, stable outlook;
• Denizbank AS: long-term local and foreign-currency deposit ratings to Ba2 from Ba1, negative outlook; and
• SME Bank: long-term local-currency deposit and debt ratings to Ba1 from Baa3 and foreign-currency deposit ratings to Ba2 from Ba1.
Moody's Interfax Rating Agency also downgraded the national scale ratings of VTB 24 and SME Bank to Aa1.ru from Aaa.ru.
These actions follow Moody's downgrade of the long-term deposit, debt and issuer ratings of the respective Russian parents on Feb. 24.
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