Research Update: JSC VTB Bank And Subsidiaries 'BBB' Ratings Remain On Watch Neg On Government Rehabilitation Plan For Bank of Moscow Jul 11

Standard & Poors, July 2011

Abstract
The Central Bank of Russia and JSC VTB Bank (VTB) announced a rehabilitation plan on July 1, 2011, to prevent the bankruptcy of OAO Bank of Moscow (BoM). Earlier this year, VTB acquired a 46.5% interest in BoM. We are maintaining our 'BBB' long-term ratings on VTB and its subsidiaries VTB-Leasing and VTB-Leasing Finance and our 'ruAAA' Russia national scale ratings on VTB and VTB-Leasing on CreditWatch negative. We aim to resolve the CreditWatch after reviewing BoM's loan portfolio, VTB's plans to integrate BoM, and VTB's capital management given the new information on BoM. On July 6, 2011, Standard & Poor's Ratings Services commented on its CreditWatch placement of Russian bank JSC VTB Bank (VTB) and subsidiaries. The 'BBB' long-term...

Companies mentioned in this report are:
- VTB Bank JSC
- VTB Capital S.A.
- GLOBEXBANK
- VTB-Leasing
- VTB-Leasing Finance
- VEB-leasing OJSC
- VEB-leasing Invest Ltd.

Action: CreditWatch Update

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.

- VTB Bank JSC
- VTB Capital S.A.
- GLOBEXBANK
- VTB-Leasing
- VTB-Leasing Finance
- VEB-leasing OJSC
- VEB-leasing Invest Ltd.

Customers who bought this item also bought

• Russia: Vocational Education Market. Analysis and Forecast to 2017
• Analyzing the Russian Aerospace & Defense Industry
• Transportation & Urban Investment Finance Review 2012/13
• Russia: Pre-School and Primary Education Market. Analysis and Forecast to 2017
• Crises in Russia
• Russia Defence and Security Report Q2 2013
• Russia Defence and Security Report Q4 2012
• Homeland Security Market in Russia to 2022: Market Brief
• Defense Spending in Russia
• C2/C4ISR Market in Russia to 2021: Market Brief