Moody's Investors Service raised the Bank's ratings on 4th May 2007

The Bank’s financial strength rating was raised from E+ to D-, the long-term foreign currency deposit rating from B1/NP to Ba3/NP and the non-secured foreign currency debt obligation rating from B1 to Ba3. The outlook for all ratings is stable.

Moody’s Investors Service changed the ratings and outlooks of 31 Russian banks after they had revised the methodology of the Joint Default Analysis (JDA) and assignment of the Bank Financial Strength Rating (BFSR).

Under the revised methodology, which was published on 30th March, they lowered the level of accounting of the external support, included in the debt obligation and deposit ratings, for the purpose to increase the weight of the real financial strength of the banks.

“Rising of the Bank’s ratings reflects the high growth rates of the main financial indicators, its transparency and also evidences that we have chosen the appropriate strategy”, Chairman Alexander Savelyev thinks. “It is also very important that the international ratings have been raised for the Russian largest private banks, which shows a higher credit to the Russia’s banking system in general and allows to believe in its further qualitative development.”