Moody's cuts Russian banks

Moody's Investors Service said it downgraded the long-term deposit ratings of UniCredit Bank Slovakia AS by one notch to Baa2 with a stable outlook and the long-term debt and deposit ratings of ATF Bank (Kazakhstan) to B1 with a stable outlook.

At the same time, Moody's confirmed UniCredit's Polish subsidiary Pekao SA's A2 deposit ratings with a negative outlook and standalone bank financial strength rating of C-, which maps to Baa1 on the long-term scale, with a stable outlook.

Moody's said these actions primarily reflect the reduced capacity of the parent banking group to provide capital and funding support, if needed, to its subsidiaries, as indicated by the one-notch downgrade on of UniCredit SpA to A3 negative; C-/Baa2 negative.

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