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Fitch places AK Bars Bank on Rating Watch Negative

Fitch Ratings on Dec. 19 placed PAO AK Bars Bank's BB- long-term foreign- and local-currency issuer default ratings on Rating Watch Negative.

The rating agency also placed the bank's A+(rus) national long-term rating and support rating of 3 on Rating Watch Negative and affirmed its short-term foreign-currency issuer default rating at B.

The Rating Watch Negative reflects the possibility of a downward revision of Fitch's assessment on the Russian Republic of Tatarstan's ability and inclination to support the bank.

The possible downward revision is in turn driven by the recent default of PJSC Tatfondbank, in which Tatarstan owns a significant stake, the potential for greater regulatory scrutiny and the possibility that the Russian republic uses its resources to partially resolve problems at Tatfondbank.