S&P downgrades Russian Standard Bank to ‘CCC-’ from ‘B-’

LONDON, September 21. /TASS/. Standard&Poor's lowered the long-term national and foreign currency credit rating of the Russian Standard Bank (RSB) to ‘CCC-’ from ‘B-’ with the negative outlook, the international rating agency said on Monday.

"The downgrade reflects RSB's continued weak financial performance," Standard & Poor's said.

"The bank's asset quality metrics continue to deteriorate, while its capacity to absorb loan losses continues to fall on the back of its declining margins. This adds pressure on the bank's capitalization, in our view. Therefore, we believe the bank remains susceptible to favorable business, financial, and economic conditions to meet its financial commitments," the rating agency said.

The Russian Standard Bank was founded in 1999. ZAO Russian Standard Company is its majority shareholder.

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