Moody's cuts Bank Moscow-Minsk

Moody's Investors Service said it downgraded the global scale long-term local-currency rating of Bank Moscow-Minsk to Ba3 from Ba2 with a negative outlook. The bank's other ratings remained unchanged with a stable outlook.

The downgrade reflects the increased interdependence between the financial profiles of the bank and its parent, Bank of Moscow, which is rated Baa1 with a negative outlook, following a deterioration of macroeconomic environment in Belarus, Moody's said.

The bank is highly dependent on its parent for future capital injections in order to withstand further possible asset quality deterioration, the agency said.

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