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Russia-Based Bank Tavrichesky Downgraded To 'R' On Regulatory Intervention

February 19, 2015 | Standard & Poor's

MOSCOW (Standard & Poor's) Feb. 18, 2015--Standard & Poor's Ratings Services today lowered its long- and short-term counterparty credit ratings and Russia national scale ratings on Russia-based Bank Tavrichesky to 'R'.

The downgrade reflects our view of the regulatory risk related to the Central Bank of Russia's (CBR's) intervention and appointment of temporary administration to Bank Tavrichesky on Feb. 11, 2015. At the same time, the CBR suspended the authority of the bank's management team. This decision from the CBR comes after weeks of increasing financial stress for the bank (see "Russia-Based Bank Tavrichesky Downgraded To 'CC' On Expected Distressed Restructuring; Still On Watch Neg," published Jan. 28, 2015). We consider this to be evidence of Bank Tavrichesky's inability to meet its financial obligations stemming from the liquidity crisis that the bank has been facing since December 2014. We consider that the temporary administration has the power to authorize payment of some obligations and not others.

Any further rating actions on Bank Tavrichesky will depend on whether financial rehabilitation procedures are to take place at some point. We currently have no information on the probability or scope of such procedures.

Company: Tavrichesky AKB

Full company name
Country of riskRussia
Country of registrationRussia
IndustryBanks

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