Financial Turbulence Tests Resilience Of Russian Banks And State Support For Banking Sector Sep 08

Standard & Poors, September 2008

Abstract
LONDON (Standard & Poor's) Sept. 22, 2008--Standard & Poor's Ratings Services said today that it is seeing more Russian government willingness to pursue orthodox support measures to address financial turmoil. However, the continued institutional weakness in Russia makes the outcome of the measures unpredictable. This is not the first time, and will not be the last, as Russia is prone to liquidity panics in the interbank and retail markets. The Russian banking system continues to be severely tested by the sharp liquidity squeeze and the massive volatility in global equity markets. No ratings on financial institutions in the country have so far been lowered, although the positive outlooks on the long-term ratings on seven Russian financial institutions have today been...

Companies mentioned in this report are:
- Gazprom OAO
- Commercial Bank Petrocommerce OJSC
- ZAO UniCredit Bank
- Surgutneftegasbank
- TransCreditBank
- Gazprombank
- Bank Soyuz
- Rusfinance Bank
- Rosbank OJSC JSCB
- VTB Bank JSC
- National Factoring Co.
- Raiffeisenbank ZAO

Action: General Comment

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Gazprom OAO
- Commercial Bank Petrocommerce OJSC
- ZAO UniCredit Bank
- Surgutneftegasbank
- TransCreditBank
- Gazprombank
- Bank Soyuz
- Rusfinance Bank
- Rosbank OJSC JSCB
- VTB Bank JSC
- National Factoring Co.
- Raiffeisenbank ZAO

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