S&P downgrades banks over asset quality and profitability

S&P downgrades banks: The Standard & Poor credit rating agency has downgraded its outlook for 18 Russian banks to negative and the Union Bank has had its rating changed from positive to stable. S&P justified the downgrades on the grounds that Russia’s economic growth in the coming years was likely to be weaker than previously thought, negatively affecting the banking sector’s quality of assets and profitability. Moscow Telegraph