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Russia-Based Bank Tavrichesky Downgraded To 'CC' On Expected Distressed Restructuring; Still On Watch Neg

January 29, 2015 | Standard & Poor's

MOSCOW (Standard & Poor's) Jan. 28, 2015--Standard & Poor's Ratings Services said today that it lowered its foreign and local currency long-term counterparty credit ratings on Russia-based Bank Tavrichesky to 'CC' from 'CCC'. At the same time, we affirmed our short-term ratings at 'C'.

We also lowered the Russia national scale rating to 'ruCC' from 'ruB-'.

All the ratings remain on CreditWatch with negative implications.

We understand that Bank Tavrichesky has been facing liquidity issues since late December 2014. Given that the situation does not appear to have improved, we now see an increasing likelihood that the bank could become subject to regulatory intervention by the Russian Central Bank--unless unforeseen positive developments take place. We do not rule out financial rehabilitation but we understand that it would likely involve the distressed restructuring of funds provided by the largest depositors, with substantial maturity extensions.

The lowering of the long-term and Russia national scale ratings reflects our opinion that either regulatory actions or a distressed restructuring are now highly likely scenarios.

The resolution of the CreditWatch will depend on the regulatory actions taken on the bank. We could lower the ratings to 'SD' (selective default) if regulatory actions resulted in a distressed restructuring or losses for the largest depositors.

We expect to have more clarity about the regulatory actions within the next 30 days.

Company: Tavrichesky AKB

Full company name
Country of riskRussia
Country of registrationRussia


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