The Bank of Saint Petersburg announced a downgrade from Moody's Investors Service on Friday.
The bank received downgrades in long-term foreign currency deposits to B1, which indicates that the bank has speculative elements and poses a risk to credit. Long-term foreign currency subordinated debt received a B2 rating.
The bank also suffered a downgrade in its standalone bank financial strength rating (BFSR), that fell to an E+ from a D-, and in long-term foreign currency debt in senior unsecured medium-term note programs and subordinate medium-term note programs to B1 and B2 respectively.
With these changes comes a negative outlook in long-term global ratings with the exception of the BFSR, which has a stable outlook according to the ratings agency.