Moody's may cut Uniastrum

Moody's Investors Service said it placed on review for downgrade Uniastrum Bank's B2 long-term global local and foreign currency deposit ratings and the E+ bank financial strength rating, mapping to a standalone credit assessment of b2.

The agency said it also placed on review for downgrade the bank's A3.ru long-term national scale rating.

The agency said its assessment is primarily based on Uniastrum Bank's audited financial statements for 2011, as well as its 2012 monthly accounting statements.

According to Moody's, the review for downgrade on Uniastrum Bank's ratings is based on the review for downgrade on the ratings of Uniastrum Bank's parent Bank of Cyprus.

The agency said that there is uncertainty surrounding the financial capacity of Uniastrum Bank's parent to provide capital and liquidity support to its Russian subsidiary.

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