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Fitch cuts BARS bank IR to D/E
Fitch Ratings said it affirmed AK BARS Bank's long-term issuer default rating at BB with stable outlook and its individual rating to D/E from D.
The actions follow the affirmation of the Republic of Tatarstan's long-term rating at BBB-/stable outlook, according to the agency.
Ratings reflect the government's control of the bank, the longstanding close relationship, the bank's extensive retail franchise in the republic and its overall importance to the country's banking system, the agency said.
The government's ability to provide support, however, might be constrained by the relative size of the local budget and its spare liquidity relative to the bank's balance sheet, Fitch said.
The downgrade of the individual rating reflects the deterioration in the operating environment, increasing levels of loan impairment and the rather aggressive management of the balance sheet over the last few months, the agency said.
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