Fitch downgrades Temir

Fitch Ratings said it downgraded Temirbank's long-term issuer default rating to C from CC and placed BTA Bank (Belarus)'s long-term issuer default rating of CCC on Rating Watch negative. The long-term issuer default rating remains on watch.

The actions follow the announcement by BTA Bank (restricted default) that the standstill on principal repayments of its wholesale funding will also apply to its majority-owned subsidiaries where the bank exercises management control. Temir and BTA Belarus are both majority-owned by BTA.

Temir's C long-term issuer default rating reflects the now very high probability that some of the bank's liabilities will be subject to a coercive debt exchange as part of the expected restructuring of the liabilities of the broader BTA group, the agency said.

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