Fitch cuts Asian-Pacific Bank viability to f

Fitch Ratings said it maintained PJSC Asian-Pacific Bank's (APB) CCC long-term issuer default ratings on Rating Watch Negative (RWN) and downgraded its viability rating to f from ccc

Fitch said the downgrade of the viability rating to f reflects its view that the bank has a material capital shortfall. Asian-Pacific Bank is currently dependent on forbearance from the Central Bank of Russia with respect to provisioning of the exposure to its fully-owned defaulted banking subsidiary, M2M Private Bank, without which it would be in breach of required minimum regulatory capital ratios.

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