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S&P further downgrades Tatfondbank

S&P Global Ratings on Dec. 16 lowered to D from CCC-/C the long- and short-term counterparty credit ratings of PJSC Tatfondbank.

S&P also lowered the lender's Russia national scale rating to D from "ruCCC-." The downgrade reflects the Central Bank of the Russian Federation's placement of Tatfondbank into temporary administration and its imposition of a payment moratorium on the lender, citing the bank's failure to meet its creditors' claims for more than seven days. The regulator also suspended Tatfondbank's management team.

S&P said it sees the central bank's moves as evidence of the lender's failure to meet its financial obligations because of a liquidity crisis. It noted that further ratings actions on Tatfondbank will depend on the next steps the lender will take and on what potential financial rehabilitation measures materialize over the coming weeks.

Tatfondbank's ratings were already downgraded Dec. 12 and placed on CreditWatch with negative implications, reflecting S&P's belief that the lender faces liquidity risks as well as uncertainties regarding its prospective capital position. On Dec. 13, the lender said it was discontinuing settlements and payments to develop and implement measures to restore its liquidity.

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