Moody’s downgrades NOTA-Bank to Caa3

Moody's Investors Service said it downgraded NOTA-Bank's long-term global, local and foreign-currency deposit and senior unsecured debt ratings to Caa3 from B2 and placed them on review for further downgrade.

The bank's Not-Prime short-term local and foreign currency deposit ratings were affirmed.

Concurrently, the agency downgraded the baseline credit assessment (BCA) and adjusted BCA to ca from b2.

The long-term counterparty risk assessment (CR Assessment) was downgraded to Caa2(cr) from B1(cr) and placed on review for downgrade. The short-term CR Assessment of Not-Prime(cr) was affirmed.

At the same time, Moody's Interfax Rating Agency downgraded the bank’s national scale long-term deposit rating to Caa3.ru from Baa1.ru and placed the rating on review for further downgrade.

Moody’s said the action follows the Central Bank of Russia's (CBR) Oct. 13 announcement that it had taken NOTA-Bank into temporary administration because the bank was not able to meet its financial obligations owing to liquidity pressure. According to the Central Bank of Russia, the temporary administration will assess the quality of NOTA-Bank's assets and the potential recovery of the bank's liquidity.

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