S&P lowers Nota Bank

Standard & Poor’s said it lowered the long-term and short-term counterparty credit ratings on Nota Bank to R from B and Russia national scale rating to R from ruBBB+.

The agency also said it have removed the ratings from CreditWatch with negative implications, where they were placed in September.

The downgrade reflects the regulatory risk related to the Central Bank of Russia’s intervention and introduction of a moratorium on all of Nota Bank’s credit obligations, S&P said.

This decision by the central bank reflects the increasing financial stress that the bank has come under in recent months, the agency said.

S&P said it believes this is evidence of Nota Bank’s inability to meet its financial obligations stemming from liquidity outflows.

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