Moody's Demotes Bank Société Générale’s Rating

Bank Société Générale’s bank deposit ratings were demoted from Аа2 to Аа3. The long-term rating outlook is Negative, Moody’s reports.

In 2011, Société Générale Group completed the merger of its Russia-based daughter enterprises: Bank Société Générale Vostok (BSGV) was merged with Rosbank, while retail-oriented Rusfinance Bank and mortgage-oriented DeltaCredit became its daughter enterprises.