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Fitch downgrades Russia-based Credit Europe Bank's support rating

Fitch Ratings on Oct. 12 downgraded Credit Europe Bank Ltd.'s support rating to 5 from 4 and removed the rating from Rating Watch Negative, following the completion of its spin-off.

The bank's ownership has been transferred to Fiba Holding AŞ, the ultimate parent of the Netherlands-based Credit Europe Bank NV.

The rating agency also assigned the Russian bank a support rating floor of No Floor. The lender's long-term issuer default rating of BB- with a stable outlook, B short-term rating and "bb-" viability rating were unaffected.

Fitch also affirmed Credit Europe Bank NV's long- and short-term issuer default ratings at BB-/B, with a stable outlook on the long-term rating, and removed the long-term rating from Rating Watch Positive. Also affirmed were the bank's "bb-" viability rating, No Floor support rating floor and 5 support rating. The viability rating was also removed from Rating Watch Positive.