Russian rating agency RAEX (Expert RA) has cut Bank FDB's creditworthiness rating to C++ (very low level of creditworthiness, pre-default degree), and set a negative rating outlook and removed the rating from watch. The negative rating outlook means the strong likelihood of the rating downgrade over the medium term. Earlier, the bank was rated at B+ (moderately low level of creditworthiness), with a developing outlook.

The rating downgrade was driven by a further drop in the liquidity cushion and the narrowing range of available sources of funding as a result of a contraction in funds drawn from other lending institutions. The agency assesses the bank's current liquidity cushion as insufficient to redeem a considerable portion of issued promissory notes that can be presented for redemption in December 2015. Main sources of liquidity replenishment are incoming cash flows from the early repayment of corporate loans, but the deteriorating credit portfolio quality since year-start 2015 has limited potential of this source.

The bank's rating is still supported by high capital adequacy and high net interest margin. Moreover, the agency pointed to the moderately low duration of the credit portfolio and the acceptable level of currency risks. Credit applied to FAS seeking permission to buy 100% of Svyaznoy Bank, but withdrew its application in September. "We remain moderately interested, but will be guided by the project's economic issues," Renaissance Credit management board chairman Alexei Levchenko said. The media previously reported that Expobank and Finprombank are interested in rehabilitating Svyaznoy Bank.