Research Update: Outlooks On Russian VTB Bank Group Now Stable As Market Pressure Eases; Ratings Affirmed; VTB 24 Ratings Withdrawn Oct 10

Standard & Poors, October 2010

Abstract
The operating conditions for JSC VTB Bank and the banking system in Russia are gradually stabilizing. We are revising our outlooks on JSC VTB Bank, Bank VTB 24, VTB-Leasing, and VTB-Leasing Finance to stable from negative and affirming the ratings on all four entities. We are withdrawing the ratings on Bank VTB 24 at the bank's request. The stable outlook mirrors that on the sovereign and reflects Russia's gradually normalizing operating environment, supporting the bank's asset quality, capitalization, liquidity, and earnings generation. On Oct. 5, 2010, Standard & Poor's Ratings Services revised the outlooks on JSC VTB Bank (VTB Bank) and its rated subsidiaries Bank VTB 24 (VTB 24) and VTB-Leasing (VTBL), and VTBL's subsidiary VTB-Leasing Finance (VTBLF) to stable...

Companies mentioned in this report are: JSC VTB Bank,VTB Capital S.A.,Bank VTB 24,VTB-Leasing,VTB-Leasing Finance
Action: Affirmed
Action: Outlook: Stable
Action: Withdrawn

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,VTB Capital S.A.,Bank VTB 24,VTB-Leasing,VTB-Leasing Finance

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