Bloomberg News

Fitch Cuts Outlook on 6 Russian Banks to `Stable' Amid Turmoil

October 01, 2008

Fitch Ratings cut its outlook for six Russian banks to ``stable'' from ``positive'' because of the problems they may have borrowing money and a possible deterioration in the quality of their loans.

The ratings of B.I.N Bank, National Bank Trust, National Reserve Bank, Nomos-Bank, Probusinessbank and Promsvyazbank remain unchanged, Fitch said in a report today.

Fitch doesn't plan ``widespread downgrades'' of Russian banks, citing the government's support for the financial system. Prime Minister Vladimir Putin this week pledged $50 billion for the banking industry to help refinance corporate foreign debt and fight ``contagion'' from the U.S. This adds to the previously announced $100 billion of emergency measures.

To contact the reporter on this story: Torrey Clark in Moscow at tclark8@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net


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