Fitch Cuts Outlook on 6 Russian Banks to `Stable' Amid Turmoil

Fitch Ratings cut its outlook for six Russian banks to ``stable'' from ``positive'' because of the problems they may have borrowing money and a possible deterioration in the quality of their loans.

The ratings of B.I.N Bank, National Bank Trust, National Reserve Bank, Nomos-Bank, Probusinessbank and Promsvyazbank remain unchanged, Fitch said in a report today.

Fitch doesn't plan ``widespread downgrades'' of Russian banks, citing the government's support for the financial system. Prime Minister Vladimir Putin this week pledged $50 billion for the banking industry to help refinance corporate foreign debt and fight ``contagion'' from the U.S. This adds to the previously announced $100 billion of emergency measures.

To contact the reporter on this story: Torrey Clark in Moscow at

To contact the editor responsible for this story: David Merritt at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.