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S&P downgrades Tatfondbank, citing liquidity concerns

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S&P downgrades Tatfondbank, citing liquidity concerns

S&P Global Ratings on Dec. 12 lowered to CCC-/C from B/B the long- and short-term counterparty credit ratings of PJSC Tatfondbank, reflecting the agency's belief that the lender faces liquidity risks as well as uncertainties regarding its prospective capital position.

S&P also downgraded to "ruCCC-" from "ruBBB+" the lender's Russia national scale rating, placing all the ratings on CreditWatch with negative implications.

The agency said it expects to resolve the CreditWatch over the next few weeks, following greater clarity on the bank's contingency plans, the implementation of a financial rehabilitation plan and its ability to manage liquidity issues.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.