PRIME. International rating agency Standard & Poor’s has cut its long-term counterparty credit rating on Baltiyskiy Bank, Russia’s Top 100 lender, from B- to CCC+, the agency said in a press release.
S&P also downgraded the lender’s national scale rating from ruBBB- to ruBB- and affirmed the bank’s short-term counterparty credit rating at C.
In addition, S&P removed the bank’s long-term corporate rating of B- and national scale rating from Rating Watch Negative, which were placed on RWN on September 11.
“We withdrew Baltiyskiy Bank’s all ratings at the request of the lending institution itself," the agency specified in the press release.
The rating action reflects S&P’s opinion that continuing litigation between the bank’s shareholders Andrei Isaev and Oleg Shigaev could postpone or derail the sale of non-core assets.
