S&P lowers Krayinvestbank

Standard & Poor's said it lowered the long-term ratings on Krayinvestbank to B- from B and its short-term ratings to C from B, along with its Russia national scale rating to ruBBB- from ruBBB+.

The ratings also were placed on CreditWatch with negative implications.

The agency said it then suspended the ratings on the bank because Krayinvestbank was listed by regulators as a “specially designated national.”

The lowering of the ratings on Krayinvestbank reflects a view that it may have difficulty complying with regulatory requirements for capital adequacy, given its apparent failure to publish relevant financials and reporting forms in full on the Central Bank of Russia's website as of Dec. 1, S&P said.

The agency also said consequently lowered the assessment of Krayinvestbank's stand-alone credit profile to CCC+ from B-, indicating a belief that regulatory intervention could occur without near-term external support.

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