Research Update: Russia-Based Raiffeisenbank ZAO Ratings Affirmed At 'BBB/A-3' And 'ruAAA' Under Revised Bank Criteria; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Raiffeisenbank ZAO under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our long- and short-term ratings at 'BBB/A-3' and the Russia national scale rating at 'ruAAA'. The outlook is stable. We revised the stand-alone credit profile (SACP) to 'bb+' from 'bb'. Under the new criteria, we revised Raiffeisenbank ZAO's group status in relation to Austrian Raiffeisen Bank International AG to highly strategic from core, reflecting our view on higher business risks associated with operating in Russia. The long-term rating on Raiffeisenbank ZAO is two notches higher than its SACP, incorporating our view of the likelihood of group support. Our ratings on Raiffeisenbank ZAO reflect our 'bb' anchor for a commercial...

Companies mentioned in this report are:
- Raiffeisenbank ZAO
- Raiffeisen Bank International AG

Action: Affirmed
Action: Outlook: Stable

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.

- Raiffeisenbank ZAO
- Raiffeisen Bank International AG

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