Fitch Changes Outlook for 15 Russian Banks to Negative
The following banks are mentioned in it: Raiffeisenbank, Sovcombank, Tinkoff Bank, Alfa Bank, Uralsib, Moscow Credit Bank (MKB), St. Petersburg Bank, Home Credit Bank, Loko Bank, " Credit Europe Bank ”, Promsotsbank, Levoberezhny Bank, Expobank, SDM Bank and Chelindbank. Agency analysts noted that the forecast was changed due to significant risks for banks against the backdrop of the coronavirus pandemic and the collapse in oil prices, as well as the consequences that these factors can cause for the economy and financial market.
The last time such a large-scale change in the forecast for the long-term IDR occurred at the end of 2014. Then Fitch changed the outlook for 20 Russian banks to “negative”.