SBRCY - Russian bank credit ratings may be cut by Moody's; S&P downgrades four banks

Moody's Investors Service is placing ratings and assessments of 16 Russian financial institutions on review for possible downgrade after placing Russia's Baa3 sovereign rating on review for possible downgrade. The U.S., the European Union, and others have said they'll restrict many of Russia's largest banks from the SWIFT payment messaging system due to Russia's invasion of Ukraine, a move that will complicate funds transfer and cross-border payments for the Russian banks, Moody's said. In addition, sanctions against the Russian central bank will make it more difficult for it to use foreign reserves to support the ruble. Banks with ratings being put on review include Sberbank (OTCPK:SBRCY +4.8%), Gazprombank, Russian Agricultural Bank, Alfa-Bank, Commercial Bank AKBARS, Credit Bank of Moscow, and Russian Region Development Bank, among others. The move by Moody's comes a day after S&P Global Ratings downgraded four Russian banks — Raiffeisenbank AO, UniCredit Bank AO, Gazprombank JSC, and

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Russian bank credit ratings may be cut by Moody's; S&P downgrades four banks