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News // Markets & Stocks

Russian Financial Institutions Downgraded by S&P

15 October 2008 , 09:50Ksenia Kochneva908
The other outlook downgrades by Standard & Poor’s were for UralSib, Promsvyazbank, Vozrozhdenie, MDM Bank, Home Credit and Finance Bank, Petrokommerts, Natsionalnaya Faktoringovaya Kompaniya, Veles Capital, Tsentrokredit, Zapadno-Sibirsky Commercial Bank and Binbank.

S&P said credit was likely to become scarcer, exacerbated by extreme risk aversion in international markets, particularly given the sizeable amount of debt refinancing to take place in the coming 12 months.

The agency maintained a “stable” outlook on state-run and foreign-owned banks, including VTB, Gazprombank and the Russian unit of Raiffeisen International, because they will be less exposed to adverse market conditions.

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