National rating upgrade by Fitch.


27 April 2005-London/Moscow: Fitch Ratings, the international rating agency, has today upgraded Credit Bank of Moscow's ("CBM") National Long-term rating to 'BB+(rus)' from 'BB(rus)'. The Outlook for the National rating remains Stable. At the same time Fitch has assigned CBM's RUB500 million 11.5% domestic bond, due April 2007, an expected National Long-term rating of 'BB+(rus)'. The rating is contingent upon receipt of final documentation conforming materially to information already received and the final rating will be confirmed at that time.

CBM is rated Long-term 'B-'(B minus) with Stable Outlook, Short-term 'B', Individual 'D' and Support '5'. Separately, Fitch expects to complete a review of CBM's International ratings in the coming weeks.