Fitch lowers Ak Bars, Almazergienbank to negative

Fitch Ratings said it revised the outlooks on Ak Bars Bank and Almazergienbank to negative from stable.

The actions follow the downgrade of the Republic of Tatarstan to BBB- from BBB with negative outlook and the revision of the outlook on the Republic of Sakha’s (Yakutia) to negative from stable.

The agency also said it affirmed Ak Bars Bank’s long-term foreign- and local-currency issuer default rating at BB-, short-term foreign-currency issuer default rating at B, national long-term rating at A+(rus), viability rating at B-, senior unsecured debt rating at BB- and senior unsecured national debt rating at A+(rus).

Fitch also affirmed AK Bars Luxembourg’s senior unsecured debt at BB- and subordinated debt at B.

The agency also affirmed Almazergienbank’s long-term foreign- and local-currency issuer default rating at BB-, short-term foreign-currency issuer default rating at B, national long-term rating at A+(rus) and viability rating at B.

The negative outlooks reflect the potential for the ratings on the banks to be downgraded if the ratings of their shareholders are downgraded, indicating a reduced ability to provide support, Fitch said.

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