S&P downgrades ratings of Russia’s VEB.RF, VEB-Leasing

S&P Global Ratings has lowered its long- and short-term local and foreign currency ratings on Russian state-owned development corporation VEB.RF and VEB-Leasing, and placed all ratings on CreditWatch with negative implications, Report informs referring to S&P website.

“S&P Global Ratings has lowered its long- and short-term foreign currency ratings on Russian state-owned development corporation VEB.RF and VEB-Leasing to 'BB+/B' from 'BBB-/A-3' and its long- and short-term local currency ratings to 'BBB-/A-3' from 'BBB/A-2' and placed all ratings on CreditWatch with negative implications. We also suspended the ratings on VE,” reads a press release.

“We consider VEB as Russia's main development policy tool, whose creditworthiness is linked to that of the sovereign. The downgrade reflects similar actions we took on Russia on February 26, 2022.”

On February 28, S&P downgraded the long-term and short-term issuer credit ratings of Raiffeisenbank, UniCredit Bank, Gazprombank, as well as Alfa Bank and its holding company ABH Financial to BB+ from BBB-.