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Fitch downgrades Carcade

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Fitch downgrades Carcade

Fitch Ratings on April 12 downgraded 's long-term foreign- andlocal-currency issuer default ratings to B+ from BB-.

The agency removed the ratings from Rating Watch Negative andassigned them a negative outlook.

Fitch said the downgrade reflects the retail auto leasingcompany's weaker performance, driven by a narrower interest margin and reducedcost efficiency; extended track record of significant asset-quality problems;and a vulnerable funding profile and liquidity position.

The negative outlook reflects the weak operating environmentand the potential for this to result in further deterioration of the company'sfinancial metrics, Fitch said.

The Russian company's ratings were on Rating Watch Negative inDecember 2015 due to risks related to the expected sale of the company to Forusgroup, a transaction that was later cancelled.

Following the cancellation of the deal, the ratings wereremoved from Rating Watch Negative, Fitch said, adding that it has beeninformed by Carcade shareholder Getin Holding SA that "it currently does not intendto exit the companyin the next two to three years, is committed to providing liquidity support incase of need and is now refocusing Carcade on organic growth after some changesin senior management."

Fitch downgraded Carcade's national long-term rating toA-(rus) from A+(rus) and removed the rating from Rating Watch Negative,assigning it a negative outlook. The short-term foreign-currency issuer defaultrating was affirmed at B.