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MoodyТs downgrades Orient Express Bank to Caa1, outlook Negative

MOSCOW, Mar 15 (PRIME) -- International rating agency MoodyТs has downgraded the local and foreign currency long-term bank deposit ratings of RussiaТs Orient Express Bank (OEB) to Caa1 from B3 and changed the outlook on the ratings to Negative from rating under review, it said in a statement on Friday.

УThe rating action concludes the review for downgrade on OEB's ratings and assessments initiated on September 19, 2018. Today's one-notch downgrade of the long-term ratings and assessments reflects corporate governance weaknesses at OEB reflected by a material understatement of problem assets on its balance sheet, as well as an ongoing conflict between its largest shareholders which could disrupt a planned 5 billion ruble share issuance,Ф the agency said.

In mid-February, the Basmanny District Court of Moscow arrested the bankТs shareholder Michael Calvey and five other defendants for two months over an alleged 2.5 billion ruble embezzlement from Orient Express Bank.

End

15.03.2019 14:19
 
 
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