Fitch cuts Export Development Bank of Iran outlook to negative

Fitch Ratings said it changed the outlook on the Export Development Bank of Iran's ratings to negative from stable and affirmed the BB- long-term debt rating, B short-term debt rating, D individual rating and 3 support rating.

This follows the change in outlook of Iran's foreign currency and local currency issuer default ratings to negative from stable.

As the bank's long- and short-term ratings are in line with the sovereign ratings of Iran and reflect potential support from the Iranian authorities, any changes in the sovereign ratings automatically lead to changes in the banks' long- and short-term ratings and outlook, the agency said.

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