Moody's cuts Bank of Moscow

Moody's Investors Service said it downgraded the following ratings of JSC Bank of Moscow: standalone bank financial strength rating to E+ (mapping to B2 on the long-term scale) from D-, long-term local and foreign currency debt and deposit ratings to Ba2 from Ba1, and long-term foreign currency subordinated debt rating to Ba3 from Ba2.

The short-term foreign currency deposit rating of Not-Prime has been affirmed, the agency said, adding that the outlook on the stand-alone and long-term supported ratings is negative.

Moody's noted that its assessment is primarily based on the official press releases of the Russian Central Bank and Bank VTB, and the standalone bank strength financial rating reflects the recent announcement by VTB and the Russian Central Bank that Bank of Moscow has been placed under financial recovery procedures due to significant losses incurred on its credit portfolio.

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