Fitch cuts New Development Bank

Fitch Ratings said it downgraded New Development Bank's long-term issuer default rating to AA from AA+.

“The rating downgrade principally reflects Fitch's view that deterioration in access to U.S. capital market could significantly affect NDB's current business model. Fitch has revised its assessment of strategy risk to high from moderate as a result,” the agency said in a press release.

The agency noted the Russia owns a 19.4% stake in the bank.

The outlook is negative.

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