S&P lowers Tatfondbank, debt to D

S&P said it lowered its long- and short-term counterparty credit ratings on PJSC Tatfondbank to D (default) from CCC-/C.

The agency also downgraded the Russia national scale rating to D from ruCCC- and the ratings on its senior unsecured debt to D from CCC-.

S&P said the downgrade reflects the regulatory intervention by the Central Bank of Russia (CBR) and its appointment of a temporary administration at Tatfondbank on Dec. 15.

According to the CBR, the bank failed to meet its creditors' claims for more than seven days.

At the same time, the CBR suspended the authority of the bank's management team.

S&P said it considers this evidence of Tatfondbank's failure to meet its financial obligations as a result of a liquidity crisis.

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