Fitch cuts Russian banks

Fitch Ratings said it dropped the long-term foreign-currency issuer default ratings for Russian financial institutions to CC from B and removed them from rating watch negative.

The downgrades follow Fitch cutting Russia’s sovereign ratings to C on March 8, the agency said.

The banks downgraded include SB Capital SA, Credit Bank of Moscow, CBOM Finance plc, TCS Finance DAC, Eurasia Capital SA and PJSC Bank Zenit, Russian Agricultural Bank, Alpha Holding Issuance plc, AO Toyota Bank, Gazprombank, Rosbank, Alfa Bond Issuance plc and Tinkoff Bank.

The agency also dropped the subordinated debt ratings for Alfa Bond Issuance, TCS Finance DAC, SB Capital and Eurasia Capital to C.

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