Russian rating agency RAEX (Expert RA) has cut its A creditworthiness rating (high creditworthiness, Sublevel 3) on Vokbank to В+ (moderate creditworthiness), and also revised its rating outlook from negative to developing, implying the possibility both of its revision and being left unchanged over the medium term. The rating was also put on credit watch.
The rating action came from rising pressure on the bank's resource base as a result of a potential outflow of customers' funds after reports temporary administration was appointed for the bank.
The developing rating outlook reflects uncertainty on how the Bank of Russia will act after Vokbank's financial condition is assessed.
