The institutions involved are Russia-based VTB Bank, Bank VTB 24, VTB-Leasing, Raiffeisenbank and UniCredit Bank
The international rating agency said the move followed its decision on Monday to downgrade Russia's long and short-term sovereign foreign currency credit ratings from BBB+/A-2 to BBB/A-3 with a negative outlook over a plunge in Russia's international reserves and investment flows.
S&P also cut the long-term counterparty credit rating of Russia-based VTB-Leasing Finance to BBB from BBB+ with a negative outlook, the international rating agency said.
At the same time, S&P affirmed its Russia national scale rating of ruAAA for VTB Bank, Bank VTB 24, VTB-Leasing, and Raiffeisenbank.
"The rating action takes into account our growing concerns about the impact of the deteriorating operating environment in Russia, which places downward pressure on the entities' stand-alone creditworthiness, including their asset quality, funding, and liquidity position," S&P said.
S&P also lowered its long-term corporate credit rating on the railroad monopoly Russian Railways (RZD) to BBB from BBB+ with a negative outlook.
At the same time, S&P affirmed its ruAAA Russia national scale rating and all issue ratings for RZD and removed all ratings from CreditWatch where they had been placed with negative implications, the rating agency said.
"The rating and outlook revisions follow yesterday's similar rating action on RZD's sole owner the Russian Federation," S&P said.
S&P also said it had taken a number of other rating actions and outlook revisions on Russian government-related entities and regional governments following its downgrade of Russia's sovereign rating.
In particular, S&P lowered the long-term corporate credit rating of the 100% state controlled oil pipeline monopoly Transneft to BBB from BBB+ with a negative outlook, the long-term issuer credit rating of the City of Moscow to BBB from BBB+ with a negative outlook.
The outlook for the City of St. Petersburg was revised to negative from stable and its long-term issuer credit rating was affirmed at BBB.
The outlook for the Federal Grid Company of the Unified Energy System was revised to negative from stable, reflecting the outlook on the sovereign. The long-term corporate credit rating was affirmed as BBB.
Gazprom's long-term corporate credit rating was affirmed at BBB, with the outlook remaining negative.
The long-term corporate credit ratings of state-controlled oil company Rosneft and power generation company RusHydro were affirmed at BBB- and the short-term rating of RusHydro was affirmed at A-3, with the outlooks for both companies remaining stable.
