Moody's cuts Natixis Bank

Moody's Investors Service said it downgraded the long-term local and foreign-currency deposit ratings of Natixis Bank (ZAO), the Russian subsidiary of Natixis, to Ba3 from Ba2.

Moody's Interfax also downgraded the national scale rating to Aa3.ru from Aa2.ru.

The outlook is stable.

Moody's said the downgrade of Natixis Bank (ZAO)'s ratings was prompted by the downgrade of the French parent bank Natixis to A2 deposits; bank financial strength rating D/ baseline credit assessment Ba2 from Aa3 deposits; bank financial strength rating D+/ baseline credit assessment Baa3, which, in turn, reflects Moody's assessment of the weakened capacity of Natixis to provide timely capital and funding support to the Russian subsidiary, in case of need.

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