S&P downgrades VTB Capital

S&P said it lowered its long- and short-term ratings on VTB Capital plc to BB+/B from BBB-/A-3.

The outlook is stable.

“In our view, VTB Bank JSC's restructuring of its European activities – as a response to Brexit and geopolitical risks that heightened in 2018 – reduces the importance of VTBC to the group,” the agency said in a news release.

“We understand VTBC will be scaled down from the group's key investment platform to undertake only selected trading activities: market intermediation and some derivative business. We also understand that other businesses are being moved to subsidiaries in continental Europe, VTB Europe SE in particular.”

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