Moody's might drop Absolut Bank

Moody's Investors Service said it placed the B1 long-term local- and foreign-currency deposit ratings of Absolut Bank (Russia) on review for downgrade.

The bank's standalone bank financial strength rating of E+ (equivalent to a baseline credit assessment of b1), as well as its Not Prime short-term local and foreign-currency deposit ratings, are not subject to the review. The outlook on the standalone E+ bank financial strength rating is stable.

Moody's Interfax Rating Agency also placed the A2.ru national scale rating on review for downgrade.

The review was initiated following the Central Bank of Russia's Jan. 14 official announcement that Absolut Bank has commenced a reorganization of its business structure whereby it would be merged with KIT Finance Bank (unrated).

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