OREANDA-NEWS. National Rating Agency has lowered SB Bank's national scale credit rating to 'D' and has withdrawn it following the bank's license revocation.

National Rating Agency has lowered SB Bank's national scale credit rating to 'D' and has withdrawn it following the bank's license revocation.

The ultimate measure of revoking the bank's operating license was taken by the Central Bank of Russia (CBR) after SB Bank was found to be non-compliant with federal laws and CBR's banking regulations and its equity adequacy ratios fell below 2 percent rendering the bank unable to meet its debt obligations. This was aggravated by material misstatements in the bank's reporting documents.

On Jan. 27, 2015, SB Bank's credit rating was lowered to 'C' from 'B-' with the rating outlook remaining negative.