S&P Revised Outlooks to Stable for Seven Russian Banks On Tightened Liquidity And Tougher Refinancing

/Standard & Poor's, Moscow, September 22, 08/ - Standard & Poor's Ratings Services said today that it had revised its outlooks on the long-term ratings on seven Russian financial institutions to stable from positive. The long-term ratings on all the banks were affirmed, but the national scale ratings on two of the seven were lowered (see Ratings List below). The outlook revisions reflect the fact that market conditions in Russia have become much more difficult and volatile, especially with regard to the tightened liquidity situation and tougher refinancing conditions. We expect these factors to pressure banks' near-term financial performance and financial flexibility, as well as hinder their strategic expansion goals. For a more in-depth analysis on the impact of the ongoing liquidity squeeze and stock market turbulence in Russia's banking sector, please see the article "Financial Turbulence Tests Resilience Of Russian Banks And State Support For Banking Sector," published today on RatingsDirect. Following today's outlook revisions, none of the banks with long-term ratings in Russia that Standard & Poor's rates has a positive outlook. Standard & Poor's lowering of the Russia national scale ratings on two of the seven banks reflects the more granulated credit ratings approach under our national ratings scale. RATINGS LIST ----------------------------------------------------------- To From ----------------------------- ------------ -------------- Bank Soyuz B/Stable/B B/Positive/B Russia national scale ruA- ruA ----------------------------- ------------ -------------- Commercial Bank Petrocommerce B+/Stable/B B+/Positive/B Russia national scale ruA+ ruA+ ----------------------------- ------------ -------------- National Factoring Company B-/Stable/C B-/Positive/C Russia national scale ruBBB ruBBB+ ----------------------------- ------------ -------------- Rosbank BB+/Stable/B BB+/Positive/B Russia national scale ruAA+ ruAA+ ----------------------------- ------------ -------------- Rusfinance Bank BB+/Stable/B BB+/Positive/B Russia national scale ruAA+ ruAA+ ----------------------------- ------------ -------------- Surgutneftegasbank B+/Stable/B B+/Positive/B ----------------------------- ------------ -------------- TransCreditBank BB/Stable/B BB/Positive/B Russia national scale ruAA ruAA ----------------------------------------------------------- NB.: This list does not include all ratings affected For more information: Eugene Tarzimanov, Moscow (7) 495-783-4071;, eugene_tarzimanov@standardandpoors.com Elena Romanova, Moscow (7) 495-783-40-91; Elena_Romanova@standardandpoors.com John Gibling, London (44) 20-7176-7209; John_Gibling@standardandpoors.com [2008-09-24]