Moody's Lowers Russian Bond, Deposit Ceiling

International rating agency Moody’s Investors Services has placed on review for downgrade the long-term deposit, debt and issuer ratings and bank financial strength ratings (BFSRs) of 16 Russian financial institutions.

According to the official statement, Moody's has also downgraded the long-term and short-term foreign-currency deposit ratings of four Russian financial institutions, following the lowering of the country's foreign currency deposit ceiling to Ba1 from Baa2, on Monday.

The reason is “the ongoing severe deterioration in Russia's operating environment and financial market conditions.”

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