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Fitch Ratings downgraded its ratings for Russia for the first time in more than a decade as a result of falling oil prices, dwindling foreign currency reserves and record capital flight. Fitch cut Russia to BBB from BBB+ and maintained its negative outlook. "The scale of capital outflows and the pace of decline in Russia’s foreign exchange reserves have materially weakened the sovereign balance sheet," says Ed Parker, Fitch’s head of emerging markets in Europe. "The downgrade reflects the negative impact on Russia from the fall in commodity prices and the dislocation to global capital markets that has left Russian banks and companies struggling to refinance debt."

Royal Bank of Scotland is closing its operations in Kazakhstan as part of its business reorganization.

The vast market in distressed commercial real estate debt expected at the end of 2008 has yet to materialize not least because banks have been unwilling to offload their holdings. Potential investors are still in line for bargains. Phil Moore reports.