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Moody's cuts BTA Bank (Russia) to B3
Moody's Investors Service said it downgraded the long-term local- and foreign-currency deposit ratings of BTA Bank (Russia) to B3 from B1, along with its foreign-currency senior unsecured debt to B3 from B1 and its national scale rating to Baa3.ru from A1.ru. The bank's not-prime short-term local- and foreign-currency deposit ratings were affirmed.
The outlook is negative.
The downgrade incorporates the removal of the effect of parental support to BTA Bank (Russia) from BTA Bank (Kazakhstan) and a perception of increased risks inherent to the current business model of BTA Bank (Russia), Moody's said.
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