Fitch Ratings has lowered its long-term issuer default ratings (IDR) on 13 Russian banks with foreign capital from BBB+ to BBB, the rating agency said in a press release.

The rating action affected Raiffeisenbank, Citibank, Rosbank, Rusfinance Bank, DeltaCredit, Bank of China (Eluosi), Nordea Bank, Danske Bank, ING Bank, SEB Bank, HSBC Bank, Credit Agricole CIB and China Construction Bank. The rating outlook is negative.

The rating actions were driven by a reduction in the country ceiling of Russian sovereign ratings from BBB+ to BBB.