Moody's on June 7 downgraded JSC Russian International Bank's long-term local- and foreign-currency deposit ratings to Caa2 from B3 and revised the outlook on these ratings to negative from stable.
Moody's also downgraded the bank's baseline and adjusted baseline credit assessments to "caa2" from "b3" and the long-term counterparty risk assessment to Caa1(cr) from B2(cr).
The bank's Not Prime short-term local- and foreign-currency deposit ratings and Not Prime(cr) short-term counterparty risk assessment were affirmed.
The overall outlook on the Russian lender's ratings was changed to negative from stable, Moody's said.
The downgrade was based on recent deterioration in the bank's asset quality, its loss-making performance and the weakening of the lender's liquidity position.