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Promtorgbank's long-term foreign currency deposit rating cut to 'B3' - Moody's


Published : Thu, 22 Mar 2007 11:26
By : Agencies
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LONDON (AFX) - Moody's Investors Service downgraded Russia-based JSC Industrial & Trade Bank's (Promtorgbank) long-term foreign currency deposit rating to 'B3' from 'B2' and its national scale rating to 'Baa3.ru' from 'Baa1.ru'.

The downgrades were due to the weakening of the bank's franchise and financial fundamentals, Moody's said.

The outlook is stable, reflecting the bank's efforts to attract a strategic investor and diversify its limited clientele, it added.

The ratings agency affirmed the bank's financial strength rating of 'E+'.

Moody's said a further deterioration in the bank's fundamentals could have further negative impact on its ratings.

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