Russian rating agency RAEX (Expert RA) has cut Nota-Bank's credit rating to C (default, non-fulfillment of liabilities), with a developing rating outlook, which means the equal probability of the rating being affirmed at the current level and being revised over the medium term.
The rating was put under watch. Previously the bank's creditworthiness rating was B+ (moderately low level of creditworthiness), with a negative outlook.
The rating action came after the bank failed to fulfill some of its current obligations under funds borrowed from retail and corporate clients for more than five business days. st-theme-font: minor-latin;mso-bidi-font-family:Tahoma;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA'>Among risk factors AK&M mentioned unsatisfactory diversification of the bank's liabilities by sources of funding and by maturity, heavy dependence on big clients, and also a decline in net income.
