00:0013 февраля 199800:00
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00:0013 февраля 1998
The international rating agency Moody's is considering lowering the credit rating of 9 Russian banks and 3 foreign daughter companies, according to a press-release from February 3. This would be a serious blow to the Russian economy, making all forms of b
<BR>The international rating agency Moody's is considering lowering the credit rating of 9 Russian banks and 3 foreign daughter companies, according to a press-release from February 3. This would be a serious blow to the Russian economy, making all forms of borrowing on international markets virtually impossible. The agency reports, the nine banks to be affected would be Alfa-Bank; Alba-Alliance; Avtobank; Menatep; National Reserve Bank; Russian Credit; SBS-AGRO; Oneksim and Unexim International Finance.<BR> Moody's explained the possible downgrade of Russian credit ratings reflects the potentially negative influence of growing financial market instability on the Russian banking system. The firmness of Russian markets was questioned when the Asian crisis set off the alarm, making investors wary of putting their capital into emerging markets. The rating agency also expects Russian banks to announce profit losses due to the drop in prices of common stock and bonds. <BR>According to the agency, the recent fall in prices on goods around the world could also have a negative impact on Russian industry. The agency stated further that the decline of funds from foreign investors compounded with an increase of interest rates on local financial markets will stall the growth of loan and stock markets and, consequently, further complicate development of Russia's economic perestroika. Moody's also announced that ratings set earlier for Russian and C.I.S. Eurobonds and loans may also be lowered.
