S&P lowers Vneshprombank

Standard & Poor's said it lowered the long-term counterparty credit rating on Foreign Economic Industrial Bank (Vneshprombank) to D from R, along with its short-term counterparty credit rating to D from R and the ratings on its senior unsecured debt to D from CC.

S&P also said it lowered the Russia national scale rating to D from R.

The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications in December.

The downgrades are because Vneshprombank is under payment moratorium and experiencing financial stress, S&P said.

The bank is not expected to fulfill the interests of the creditors, which is equivalent to default as per the agency’s definitions, S&P added.

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