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Fitch places Evrofinance-Mosnarbank on Rating Watch Negative

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Fitch places Evrofinance-Mosnarbank on Rating Watch Negative

Fitch Ratings on March 14 placed JSCB Evrofinance-Mosnarbank Bank JSC's B+ long-term foreign- and local-currency issuer default ratings on Rating Watch Negative, following the sanctions imposed on the Russian lender by the U.S. Treasury's Office of Foreign Assets Control.

The bank's B short-term foreign-currency issuer default rating and "b+" viability rating were also placed on Rating Watch Negative.

Fitch said the placement of the bank's ratings on Rating Watch Negative reflects the potentially significant negative credit impact of the U.S. sanctions on Evrofinance-Mosnarbank in terms of its ability to access liquidity and service obligations as well as its capacity to operate.

At the same time, Fitch withdrew all the ratings, including the bank's 5 support rating and No Floor support rating floor, due to sanction restrictions.