RAEX downgrades Tatagroprombank to C+

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Russian rating agency RAEX (Expert RA) has lowered its creditworthiness rating on Kazan-based Tatagroprombank to C+, affirming the negative rating outlook. The bank was previously rated at B+, with a negative outlook.

As the agency said yesterday in a press release, a key factor determining the rating action was a disruption in the bank's operations (on December 20, 2016 the bank imposed a daily limit of Rub 10,000 for deposit holders). The negative rating outlook is explained by deteriorating asset quality and a higher risk of capital adequacy ratios being violated.