13:57 02.03.2015

Moody's downgrades VTB, Sberbank, VEB subsidiaries

Moody's downgrades VTB, Sberbank, VEB subsidiaries

Moody's Investors Service has downgraded the ratings of subsidiaries of Russian banks VTB, Sberbank and Vnesheconombank (VEB), the agency said in a press release.

These rating actions follow Moody's downgrade of the long-term deposit, debt and issuer ratings of the respective Russian parent banks on February 24, 2015.

Specifically, the actions affected the supported senior unsecured and deposit ratings of the following international and domestic subsidiaries of VTB Group - VTB Bank (Austria) AG (from Ba1 to Ba3), VTB Capital plc (from Ba1 to Ba3), VTB24 (from Baa3 to Ba1), VTB Bank (Armenia) (from Ba2 to Ba3), VTB Bank (Azerbaijan) (from Ba2 to Ba3) and Bank of Moscow (from Ba1 to Ba2); two subsidiaries of Sberbank - SB Sberbank JSC in Kazakhstan and Denizbank A.S in Turkey (from Ba2 to Ba3 and from Ba1 to Ba2, respectively); and one domestic subsidiary of Vnesheconombank - SME Bank (from Baa3 to Ba1).

The national-scale ratings on VTB24 and SME bank were lowered from Aaa.ru to Aa1.ru.

Each of these subsidiaries' supported ratings benefit from Moody's assessment of parental support uplift.

The outlooks on these ratings are negative.

The full list of affected ratings:

- SB Sberbank JSC: Long--term LC and FC Deposit ratings were downgraded to Ba3 from Ba2, outlook was revised to stable.

- Denizbank A.S.: Long--term LC and FC Deposit ratings were downgraded to Ba2 from Ba1, outlook was revised to negative.

- VTB24: BSFR was lowered to E+ from D- (now equivalent to a BCA of b1), outlook was revised to stable; Long--term LC Deposit rating was downgraded to Ba1 from Baa3, outlook was revised to negative; Long--term LC Senior Secured rating was downgraded to Ba1 from Baa3, outlook was revised to negative; Long-term LC Senior Secured rating was downgraded to (P)Ba1 from (P)Baa3; Long-term FC Deposit rating was downgraded to Ba2 from Ba1, outlook was revised to negative; Short--term LC Deposit rating was downgraded to NP from P-3.

- VTB Capital S.A.: Long-term FC Senior Secured and Senior Unsecured ratings were downgraded to Ba1 from Baa3, outlook was revised to negative.

- VTB Capital plc: BSFR was lowered to E+ from D- (now equivalent to a BCA of b1), outlook was revised to stable; Long--term LC and FC Deposit ratings were downgraded to Ba3 from Ba1, outlook was revised to negative.

- VTB Bank (Austria) AG: BSFR was lowered to E+ from D- (now equivalent to a BCA of b1), outlook was revised to stable; Long--term LC and FC Deposit ratings were downgraded to Ba3 from Ba1, outlook was revised to negative.

- VTB Bank (Deutschland) AG: BSFR was lowered to E+ from D- (now equivalent to a BCA of b1), outlook was revised to stable; Long--term LC and FC Deposit ratings were downgraded to Ba3 from Ba1, outlook was revised to negative.

- VTB Bank (Armenia): BSFR was lowered to E+ from D- (now equivalent to a BCA of b1), outlook was revised to stable; Long--term LC Deposit rating was downgraded to Ba3 from Ba2, negative outlook.

- VTB Bank (Azerbaijan): Long--term LC and FC Deposit ratings were downgraded to B1 from Ba3, outlook was revised to negative.

- Bank of Moscow: Long-term LC and FC Deposit ratings were downgraded to Ba2 from Ba1, outlook was revised to negative; Long-term LC and FC Senior Unsecured ratings were downgraded to Ba2 from Ba1, outlook was revised to negative; Long-term FC Senior Unsecured MTN program rating was downgraded to (P)Ba2 from (P)Ba1; Long-term FC Subordinate rating was downgraded to B1 from Ba3, outlook was revised to negative.

- Kuznetski Capital S.A.: Long-term FC BACKED Subordinate rating was downgraded to B1 from Ba3, outlook was revised to negative.

- SME Bank: Long-term LC Deposit rating was downgraded to Ba1 from Baa3, outlook was revised to negative; Long-term FC Deposit rating was downgraded to Ba2 from Ba1, outlook was revised to negative; Long-term LC Senior Unsecured rating was downgraded to Ba1 from Baa3, outlook was revised to negative.

Bank of Moscow was Russia's sixth largest bank by assets, according to the Interfax-100 ranking at the end of 2014, VTB24 was fourth and SME Bank was 24th.

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