Moody's withdraws Russian Promsvyazbank's ratings

BAKU, Azerbaijan, Feb.25

By Leman Zeynalova – Trend:

Moody's Investors Service has withdrawn the ratings of Russian Promsvyazbank, Trend reports with reference to Moody's.

Reportedly, the withdrawn ratings are: Long-term Bank Deposit Ratings of Ba2; Short-term Bank Deposit Ratings of Not Prime; Senior Unsecured Medium-Term Note Program rating of (P)Ba2; Long-term Counterparty Risk Ratings of Ba1; Short-term Counterparty Risk Ratings of Not Prime; Long-term Counterparty Risk Assessment of Ba1(cr); Short-term Counterparty Risk Assessment of Not Prime(cr); Baseline Credit Assessment of b3 and Adjusted Baseline Credit Assessment of b3.

At the time of the withdrawal, the bank's long-term deposit ratings carried a positive outlook and the bank's issuer outlook was also positive. Moody's has decided to withdraw the ratings for its own business reasons.

Promsvyazbank is a state-backed, formerly private Russian bank from Moscow. In 2018, the Russian government nationalized the bank and prosecuted its former owners. Promsvayzbank was officially designated as a supporting bank of the Russian defense sector.

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