Research Update: Russia-Based Promsvyazbank 'B/C' Ratings Placed On CreditWatch Positive Aug 06

Standard & Poors, August 2006

Abstract
On Aug. 31, 2006, Standard & Poor's Ratings Services placed its 'B/C' counterparty credit ratings on Russia-based Promsvyazbank JSCB (PSB) on CreditWatch with positive implications, following Germany-based Commerzbank AG' s (A-/Stable/A-2) intention to acquire a 15.3% stake in PSB, and a potential step-by-step increase to a majority stake in the medium term. Standard & Poor's intends to resolve the CreditWatch placement in the coming months, and could raise the ratings on PSB. This depends on: the approval of the deal by the German and Russian authorities; the extent of Commerzbank's future ownership, support, and strategic involvement in PSB; and the size of the new capital to be received by PSB. The development of PSB's stand-alone commercial position and financial strength...

Companies mentioned in this report are:
- Promsvyazbank OJSC
- Commerzbank AG

Action: On CreditWatch:Positive

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Promsvyazbank OJSC
- Commerzbank AG

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