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Fitch Ratings affirms credit ratings of CREDIT BANK OF MOSCOW

13.11.2009

On 13 November 2009 international rating agency Fitch Ratings affirmed the following ratings of CREDIT BANK OF MOSCOW (CBM): Long-term Issue Default Rating (LT IDR) at 'B', Short-term IDR at 'B', Individual at 'D' and National Long-term rating at 'BBB-(BBB minus)(rus) '. The Outlook is Negative.

The rating agency notes CBM's significantly low levels of NPLs and restructured loans compared to many peers, sufficient bank’s capitalization, moderate loss absorption capacity and stable current liquidity position.

Fitch Ratings concluded that if CBM is able to maintain moderate loan impairments ratios and a satisfactory liquidity position as it pays down/refinances its wholesale funding in 2010, the Outlook could be revised to Stable.