Moody’s cuts, withdraws Tatfondbank

Moody's Investors Service said it downgraded Tatfondbank's long-term global, local and foreign-currency deposit and senior unsecured debt ratings to C from Caa1.

The C ratings do not carry outlooks.

At the same time, the agency downgraded the bank's baseline credit assessment (BCA) and adjusted BCA to c from caa3. It also affirmed the Not-Prime short-term local and foreign currency deposit ratings.

In addition, Moody's downgraded the long-term counterparty risk assessment to C(cr) from B3(cr) and affirmed the short-term CR assessment of Not-Prime(cr).

The agency will then subsequently withdraw all the bank's ratings following the withdrawal of its banking license by the Central Bank of Russia (CBR).

This action concludes the review for downgrade placed on Tatfondbank's ratings in December 2016 and follows the announcement of the CBR on March 3 that it revoked Tatfondbank's banking license.

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