Fitch lowers Alfa Bank, Sberbank, Gazprombank

Fitch Ratings said it has downgraded the long-term issuer default ratings of Alfa Bank to BB+ from BBB-. The outlook remains negative.

At the same time, the agency said it has downgraded the viability rating of Sberbank to BBB- from BBB and of Gazprombank to BB- from BB. The viability rating of Russian Agricultural Bank has been affirmed at B-.

According to Fitch, the support-driven issuer default ratings of Sberbank (BBB-/negative), RusAg (BB+/negative) and Gazprombank (BB+/negative) were reviewed and downgraded by one notch earlier this year and are unaffected by's rating actions.

The downgrade of Alfa's ratings reflects the weakening of the Russian operating environment, and Fitch's view that it is appropriate to maintain a one-notch differential between the ratings of the bank and the Russian sovereign.

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