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Fitch downgrades Uraltransbank, places ratings on negative watch

Fitch Ratings on June 2 downgraded PJSC Uraltransbank's long- and short-term foreign-currency issuer default ratings to CCC/C from B-/B and placed the ratings on Rating Watch Negative.

The agency also downgraded the bank's viability rating to "ccc" from "b-" and placed the rating on Rating Watch Negative. The Russian bank's support rating of 5 and support rating floor of No Floor were affirmed.

Fitch said the downgrade of the long-term ratings reflects the fact that the bank breached the Tier 1 minimum capital requirement in April which, according to Russian legislation, could lead to a regulatory intervention.

Uraltransbank aims to sell few large problem exposures to a third party above the net value before the end of August, the deadline given to the bank by Central Bank of Russia to improve its capital position.