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Article: Six Russian Bank Ratings Cut To 'CCC'; On Standard & Poor's Watch Negative
- Article from:
- PR Newswire
- Article date:
- August 13, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON, Aug. 13 /PRNewswire/ -- Standard & Poor's today lowered its long-term counterparty credit ratings on six Russian banks, listed below, and placed them on CreditWatch with negative implications. The short-term counterparty credit ratings of Rossiyskiy Kredit Bank and Aljba Alliance are affirmed at single-'C'. The long-term counterparty credit rating of Bank Imperial has been revised to Not Meaningful (N.M.).
The rating changes reflect the precipitous deterioration of market conditions in Russia, owing to a severe confidence crisis, and the drying up of liquidity sources of the Russian banks which has led to a spate of nonpayments by several Russian banks. The ...