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S&P Global Ratings on Monday downgraded several Russian banks and placed the ratings of another 19 on CreditWatch negative, to reflect the heightened geopolitical risks facing them after Russia’s invasion of Ukraine led to a wave of international sanctions. The agency downgraded long and short-term ratings of Raiffeisenbank AO, UniCredit Bank AO, and Gazprombank JSC, as well as Alfa-Bank JSC and its holding company ABH Financial Ltd.
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