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Moody's downgrades Orient Express Bank's ratings

Moody's on March 15 downgraded Russia-based Public Stock Co. Orient Express Bank's local- and foreign-currency long-term bank deposit ratings to Caa1 from B3, and changed the outlook on the ratings to negative from rating under review.

Additionally, the agency also lowered the bank's baseline and adjusted baseline credit assessments to "caa1" from "b3," its long-term counterparty risk assessment to B3(cr) from B2(cr) and its long-term counterparty risk ratings to B3 from B2.

The ratings action concludes the review for downgrade on the ratings of the bank. The downgrade reflects corporate governance weaknesses at the Russian bank and an ongoing conflict between its large shareholders.

The lenders NP short-term bank deposits and counterparty risk ratings and NP(cr) short-term counterparty risk assessment were affirmed.