Moody's downgrades National Bank to Caa1

Moody's Investors Service said it downgraded the long-term foreign-currency senior unsecured debt ratings of National Bank Trust to Caa1 from B2 and its long-term national scale credit ratings to Ba3.ru from Baa1.ru.

The action concludes the review that began in November and reflects the impact of the current operating environment in Russia, according to the agency.

The outlook is negative.

According to the agency, the downgrade reflects the impairment in the bank's franchise value as a result of curtailed lending activities and instability of the funding base.

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