Fitch Ratings affirms ratings of CREDIT BANK of MOSCOW


Fitch Ratings affirmed CBM’s ratings: Long-term Issuer Default Rating (LT IDR) at 'B', National Long-term rating at 'BBB-(BBB minus)(rus)', Short-term IDR at 'B', Individual at 'D'. Outlook was changed from Stable to Negative.

"Outlook decline reflects rating agency’s estimation of economic situation in Russia and the rest of the world", - commented Vladimir Chubar, Deputy Chairman of the Board.

The bank’s ratings affirmation proves CBM’s stable and solid position against uncertain background of the world economy. CBM meets all its obligation in full and in due time, i.e. in February 2009 the bank successfully repaid USD30 mio syndicated loan, in March 2009 a RUR 1,47 bn put option was exercised.

In the second quarter of 2009 the bank’s capital will be increased by a RUR3 bn injection of its sole shareholder Mr. Roman I. Avdeev. CBM has always been Mr. Avdeev’s primary asset which he intends to develop and support in every possible way. The capital increase will definitely strengthen the bank’s reliability and credibility.

Credit Bank of Moscow is also rated by Moody's Investors Service: B1/NP for foreign currency deposits, E+ Financial Strength Rating (FSR) and national scale credit rating. The outlook is Stable.