OREANDA-NEWS. 'Expert RA' rating agency downgraded 'AF Bank' creditworthiness rating to C, which means unsatisfactory credit solvency (selective default), the rating outlook is developing. In this case, the developing outlook means equal probability of changing and maintaining the rating in the mid-term. The Bank used to have rating В+, which means sufficient credit solvency, with the developing outlook.

The key rating downgrading factor was the Bank's creation of additional provisions for distressed assets at the request of the Bank of Russia, which resulted in violation of a number of mandatory standards.