S&P Global Ratings on Oct. 17 downgraded Russia-based International bank of Saint-Petersburg (JSC)'s long- and short-term issuer credit ratings to D/D from B-/B, following the Russian central bank's placement of the lender into provisional administration.

The rating agency noted that the three-month payment moratorium imposed on the bank will prevent it from meeting its obligations when they come due, and result in a general default.

S&P said any further ratings actions on the lender will depend on whether any financial rehabilitation procedures occur at some point, adding that it currently has no information on the probability or scope of such procedures.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found in the sources section.