OREANDA-NEWS. March 25, 2011. The rating cut (from “BB-” to “CCC”) reflects a decline in creditworthiness and the absence of opportunities to refinance existing obligations in the medium term.

The negative outlook reflects the risk that the Bank will be unable to meet obligations in the medium term in the absence of emergency financial support.

The rating is based on an established business and the moderate outflow of client resources against a background of adequate short-term liquidity. Constraining factors include the absence of refinancing options to offset the outflow, a deterioration in asset quality, and a continuing lack of transparency with respect to the Bank’s new owners.