The downgrade for Sberbank, Bank VTB, Gazprombank, Russian Agricultural Bank, Agency for Housing Mortgage Lending, Vnesheconombank and Alfa-Bank follows a lowering by Moody’s of the government debt rating to Baa3, the lowest investment grade rating, last week. Moody’s said it also lowered the financial strength ratings of Sberbank, Bank VTB, JSC , Gazprombank and Alfa bank. “This is due to Moody’s expectation that the prolonged recessionary environment in Russia will produce a very challenging operating environment for the country’s leading banks and thereby impact their financial fundamentals,” the ratings agency said in a Tuesday profile. Standard & Poor’s and Fitch Ratings each lowered their ratings for Gazprombank and others earlier this year. The financial arm of the Russian energy company is the subject of sanctions imposed in Russia in response […]