Moody’s cuts six Russian banks

Moody's Investors Service said it took actions on six Russian banks: Bank Otkritie Financial Corp. PJSC, Promsvyazbank, Bank Saint-Petersburg OJSC, Vozrozhdenie Bank, Zenit Bank and Center-Invest Bank.

Specifically, Moody's lowered the standalone bank financial strength ratings and the long-term debt and deposit ratings of all banks except for Bank Otkritie Financial, where Moody's lowered the standalone BFSR but confirmed the long-term debt and deposit ratings due to the incorporation of one notch of government (systemic) support uplift in Bank Otkritie's long-term ratings.

These actions reflect the deterioration in the operating environment in Russia (Ba1 negative) but are not influenced by the recent downgrade of Russia's sovereign credit rating to Ba1 from Baa3.

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