Which country’s banks are more trustworthy according to respected ratings agency Moody’s: (a) Pakistan or (b) Russia. No fair peeking!
Yes, you sharp LR reader you, Russian banks are less trustworthy than Pakistani banks, according to Moody’s. But Russia beat Tunisia! Way to go, Pooty-poot. Now, set your sights on Zimbabwe!
The Moscow Times reports: “The weaknesses, which also include slow progress in applying international best practices and large volumes of operations with related parties, became especially apparent amid a severe drop of the Russian stock market last week.”
Meanwhile, Moody’s also downgraded Renaissance Capital, one of Russia’s most important stockbrokers. Moody’s stated: “The rating action reflects Moody’s concerns that the current market turmoil is likely to continue or even deteriorate and that this could negatively affect the company’s financial metrics and liquidity profile.”