Fitch ratings agency has revised banking sector outlooks to negative for Armenia and a number other ex-Soviet nations on Wednesday, March 25.

The agency has also revised banking sector outlooks to negative for Russia, Ukraine, Kazakhstan, Azerbaijan, Belarus and Georgia, only keeping Uzbekistan’s banking sector outlook stable.

Fitch said that economic pressure from coronavirus coupled with weak oil prices are “credit negative for banks in Russia and neighbouring markets, and could result in negative rating actions.”