Wednesday, February 20, 2008

Moody’s upgrades Rosbank to Baa3/P-3 with positive outlook..

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Moody’s upgrades Rosbank to Baa3/P-3 with positive outlook.. Moody’s upgraded Russia’s Rosbank long and short term local and foreign currency deposit rating, as well as foreign currency debt rating, to Baa3/Prime-3 outlook positive from Ba2/Not Prime outlook stable. Financial Strength Rating is affirmed at D with stable outlook, while long term national scale rating was upgraded to Aaa.ru from Aa2.ru. Agency attributes ratings’ upgrades to Societe Generale group (Aa2/P-1, stable; B-, negative) exercising an option to increase its stake in Rosbank to 50% plus one share. As reported, retail loan portfolio of one of Russia’s top 30 banks in terms of assets Rosbank expanded by 20% y/y to RUB 99bn (USD 4.01bn) in 2007. Pre-tax profit of Rosbank stood at RUB 5.63bn (USD 228.44mn) in 2007. Rosbank is Russia 's second largest retail bank with 705 branches, predominantly in the Ural and Siberia regions and Moscow city.

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Moody’s upgrades Rosbank to Baa3/P-3 with positive outlook..

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