LAST MONTH ALFA Bank, one of Russia’s biggest banks and part of oligarch Mikhail Fridman’s empire, saw its long-term credit rating downgraded to B+ from BB– by Standard & Poor’s.
It was not the only Russian bank whose ratings were revised but since it is one of the country’s leading financial institutions the move was a timely reminder of the frailties of Russia’s banking industry, which has been especially vulnerable to the financial and economic crisis.
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