Russian rating agency RAEX (Expert RA) has cut its creditworthiness rating of B+ (moderate creditworthiness) on Russian lender FDB, with a developing rating outlook, RAEX's press service reported.

The rating action came as a result of a contraction in the bank's liquidity cushion following an outflow of funds from its primary counterparty's loro accounts (in August 2015, the debt coverage ratio declined from 8.8% to 2.3%, and coverage with liquid assets slid from 15.5% to 8.3%).

"In the short-term outlook, this raises the probability of a liquidity shortage if funds borrowed through inter-bank loans are not refinanced, or by issuing promissory notes that are the core of the bank's liabilities," analysts pointed out.

Meanwhile, the bank's rating is supported by the high capital adequacy ratio (N1.0 was equal to 18% as of September 1, 2015) and high net interest margin (10.9% for the period from July 1, 2014 through July 1, 2015).

For the record, RAEX downgraded FDB from A to B++ in August.