08 June 2004 03:17
Fitch downgrades Russia`s Credittrust bank
The rating action has been taken because Credittrust has stopped
making foreign and local currency payments on its obligations.
LONDON/MOSCOW. June 8 (Interfax) - Fitch Ratings has downgraded Russia-based Credittrust bank's ratings to
International Long-term 'D' from 'CC', National Long-term 'D(rus)' from
'CCC-(rus)' (CCC minus (rus)) and Short-term 'D' from 'C' and removed them from Rating
Negative Watch, the agency reported Tuesday.
Credittrust's liquidity has been negatively affected in recent weeks by market perceptions of its association
with Sodbusinessbank, whose licence was revoked by the Central Bank of Russia last month. Although retail funds are not
a substantial part of its funding base, Credittrust subsequently suffered from some exodus of such funds and its access
to the money markets has effectively been closed. New share capital of 500 million rubles was injected into the bank
very recently to shore up its balance sheet.
Credittrust is a small bank, with assets of less than 9 billion rubles. It is headquartered in Moscow. [RU ASIA
EUROPE EEU EMRG BNK AAA] me
[Interfax] |
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