31.12.2009

Bank Discontinues Fitch Credit Ratings

On December 30, 2009 Bank Saint Petersburg announced it is no longer receiving services of Fitch rating agency.

«Maintenance of several international agencies’ ratings implies diversion of additional financial and human resources, and in the current situation we see no necessity to maintain two ratings simultaneously”, Alexander Savelyev, the Chairman of the Management Board of Bank Saint Petersburg comments. – “I would like to underline that Bank Saint Petersburg as one of the few Russian public banks has permanent analytical coverage of both domestic and international investment banks; therefore the market should not be lacking independent assessments of the Bank “.

Currently the Bank is rated “Ва3” by Moody’s with “negative” outlook.