Fitch lowers Subsidiary Bank Sberbank

Fitch Ratings said it downgraded Subsidiary Bank Sberbank of Russia JSC’s long-term foreign- and local-currency issuer default ratings to BB+ from BBB-.

The outlook is negative.

The downgrade follows the recent downgrade of the parent bank, Sberbank of Russia, to BBB- from BBB, which was driven by a downward revision of the Russian country ceiling, Fitch said.

The negative outlook reflects the negative outlook on the parent’s ratings, the agency said.

The ratings reflect limited changes to the bank’s standalone credit profile over the past 12 months, Fitch said.

The bank also retains significant financial flexibility due to its prominent business positions, solid loss-absorption capacity and sound liquidity, the agency said.

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