Moody’s cuts Vozrozhdenie Bank

Moody's Investors Service said it downgraded Vozrozhdenie Bank's long-term local and foreign-currency deposit ratings to B3 from B2, baseline credit assessment and adjusted BCA to b3 from b2 and long-term counterparty risk assessment to B2(cr) from B1(cr), and maintained them on review for downgrade.

At the same time, the agency affirmed the bank's short-term local and foreign-currency deposit ratings of not prime and short-term counterparty risk assessment of Not Prime(cr).

The action follows the review for downgrade of Vozrozhdenie Bank's ratings, which was initiated on Nov. 1 and maintained on Dec. 21.

“The downgrade of Vozrozhdenie Bank's ratings reflects prolonged uncertainties regarding the bank's future shareholder structure and development prospects, a potentially adverse outcome from the current on-site supervision by the Central Bank of Russia (CBR), and a risk of client base volatility and deposits outflows amidst continued uncertainty about the bank's future,” Moody’s said in a news release.

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