26.03.2020 19:05
YEREVAN, March 26. /ARKA The economic pressures resulting from the spread of the coronavirus and the lower oil price are credit negative for banks in Russia and neighbouring markets, and could result in negative rating actions, Fitch Ratings says. Fitch has revised banking sector outlooks to negative for seven of the eight markets it covers in the region - Russia, Ukraine, Kazakhstan, Armenia, Azerbaijan, Belarus and Georgia. The banking sector outlook for Uzbekistan remains stable.
The degree of pressure on banks will depend on the extent and duration of economic slowdowns, the specific exposures of national economies and external finances (for example to lower oil prices, tourism revenues or remittances), the policy responses of national authorities, and individual banks' business profiles, risk exposures and financial metrics going into the slowdown.
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