MOSCOW, July 26 The increase in the key rate of the Central Bank of the Russian Federation will reduce the growth rate of new loans to companies with a floating rate, Central Bank Governor Elvira Nabiullina said during a press conference on Friday.
«The increase in the rate will most likely reduce the growth rate of new floating rate loans, that is, companies, understanding what the trajectory of rates will be, will probably not take loans at the same rate that they have taken before,» said the head of the Central Bank. 
«As for the impact of issued loans on businesses and banks, we are looking at the system as a whole to see how ready companies are to service loans at a higher rate… We are conducting an analysis of financial stability risks, including an analysis of interest rate risks. We do not see such risks, but there may indeed be problems for specific companies,» Nabiullina continued.
According to her, such problems may arise primarily for companies that are already over-indebted and have already taken out a large volume of loans at a floating rate.
«Where debt/EBITDA is already above a certain norm, they may have problems. But such problems also arise in other situations, when companies, taking out loans, do not fully calculate all the risks,» the head of the Central Bank answered the question of whether the regulator sees risks for businesses and banks in connection with the movement of the key rate and a longer continuation of the strict monetary policy.