Snoras Credit Rating Cut by Fitch After Government Takeover

Bankas Snoras AB was downgraded by Fitch Ratings today to C from B+ as the bank’s takeover by the government will involve losses for some creditors.

“The downgrade reflects Fitch’s view that Snoras’ default is imminent,” the rating service said in a statement today.

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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