Fitch downgrades two Iranian banks

Note: This is a revised version of a rating published by Fitch on Monday.

Fitch Ratings said it downgraded Export Development Bank of Iran's and Bank of Industry and Mine's issuer default ratings to B+ from BB- and support ratings to 4 from 3. The banks' B short-term ratings and D individual ratings were affirmed. The outlook is stable.

The downgrade follows the downgrade of Iran's issuer default ratings to B+ from BB-. The ratings of both banks are driven by the moderate potential support from the Iranian authorities, the agency said, so any changes in the sovereign rating automatically lead to changes in the banks' ratings.

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