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Moody's changes outlook on deposit ratings of MBRD to positive from stable

January 24, 2008 | Cbonds

Outlook on BFSR is stable.

Moscow, January 24, 2008 -- Moody's Investors Service today changed the
outlook on the B1 long-term local and foreign currency deposit ratings of
Moscow Bank for Reconstruction and Development (MBRD) to positive from
stable. Accordingly, outlooks on the bank's foreign currency debt rating of
B1 and its subordinate debt rating of B2 were also changed to positive from
stable. MBRD's bank financial strength rating (BFSR) of E+ was affirmed with
stable outlook.

These rating actions reflect the upgrade by Moody's in October 2007 of the
corporate family rating of MBRD's major shareholder -- JSFC Sistema
-- to Ba3, positive outlook, from B1. MBRD's deposit ratings incorporate
probability of parental support from JSFC Sistema to the bank, in case of
need. Moody's notes that a further upgrade of the corporate family rating of
JSFC Sistema would very likely lead to an upgrade of MBRD's deposit ratings.

Domiciled in Moscow, Russia, MBRD reported -- as at 30 June 2007 -- total
IFRS assets of USD2.9 billion (year-end 2006: USD2.2 billion) and total
capital of USD159 million (year-end 2006: USD153 million). Net income for
1H2007 amounted to USD12 million (2006: USD15 million).

Headquartered in Moscow, Russia, JSFC Sistema is one of the largest
diversified service providers in Russia. The company has a diversified
portfolio of telecom, technology, insurance, real estate, banking, media
and other businesses. As at 30 June 2007, the total consolidated IFRS
assets of JSFC Sistema amounted to USD22.5 billion.

Company: MTS Bank

Full company namePublic Joint-Stock Company "MTS Bank"
Country of riskRussia
Country of registrationRussia


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