MOSCOW, Feb. 13 - Moody's Investors Service has downgraded the bank financial strength rating of Bank Nadra to E from E+, its long-term local currency and foreign currency bank deposit ratings and foreign currency debt rating to Caa2 from B2 and its National Scale Rating (NSR) to B3.ua from A3.ua.

The bank's long-term deposit ratings have been placed on review for further downgrade.

"The rating action is in response to the announcement that the National Bank of Ukraine has taken control of Bank Nadra following concerns about the bank's ability to continue its operations as a viable stand-alone entity," says Yaroslav Sovgyra, a Moscow-based Moody's Vice President-Senior Credit Officer and lead Analyst for Bank Nadra.