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Fitch acts on Credit Bank of Moscow

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Fitch acts on Credit Bank of Moscow

Fitch Ratings on Dec. 20 downgraded PAO Credit Bank of Moscow's viability rating to "b+" from "bb-".

The Russian lender's support rating was upgraded to 4 from 5 and its support rating floor was revised to B from No Floor, while its BB-/B long- and short-term foreign-currency ratings and BB- long-term local-currency rating were affirmed, with a stable outlook on the long-term ratings.

The downgrade in Credit Bank of Moscow's viability rating reflects a moderate increase in the volume of potentially risky asset exposures based on Fitch's assessment and a reassessment of the appropriate rating level given the volume of the exposures.

The upgrade of the support rating and revision of the support rating floor reflect the agency's view that there is a "moderate probability" of support from Russian authorities given the lender's moderate franchise and its recently acquired systemically important bank status.