Moody’s withdraws VTB’s rating at "Baa3" & Sovcombank’s rating at "Ba1"

Moody’s Investors Service has withdrawn the rating of VTB Bank at the level of "Baa3" and the rating of Sovcombank Public Joint-Stock Company at the level of "Ba1", Report informs referring to the rating agency’s message.

“At the time of the withdrawal, the bank's long-term deposit and senior unsecured debt ratings carried a stable outlook and the bank's issuer outlook was also stable,” Moody’s noted.

On February 26, the EU Council decided to limit the access of the Russian government, the Central Bank, Alfa Bank, Otkritie Bank, Rossiya Bank, Promsvyazbank and other credit organizations to the European capital market from April 12 in connection with the special military operation of the Russian Federation in Ukraine. They are prohibited from placing, selling, buying or otherwise using securities and other credit instruments issued after April 12, 2022.