Research Update: Russian Vneshtorgbank And VTB24 L-T Rating Raised To 'BBB+'; Outlook Stable Oct 06

Standard & Poors, October 2006

Abstract
On Oct. 23, 2006, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Russia-based Vneshtorgbank (JSC) (VTB) to 'BBB+' from 'BBB', and its Russia national scale rating to 'ruAAA' from 'ruAA+'. At the same time, the 'A-2' short-term counterparty credit rating was affirmed. Furthermore, Standard & Poor's raised its long-term counterparty credit rating on VTB'S core subsidiary, Vneshtorgbank Retail Financial Services (VTB24) to 'BBB+' from 'BBB', and its Russia national scale rating to 'ruAAA' from 'ruAA+'. At the same time, the 'A-2' short-term counterparty credit rating was affirmed. The outlook on both entities is stable. The rating action on VTB is driven by improvements in its stand-alone performance, good growth prospects in Russia and the Commonwealth of...

Companies mentioned in this report are: JSC VTB Bank,Bank VTB 24
Action: Outlook: Stable
Action: Upgraded

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.

JSC VTB Bank,Bank VTB 24

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