Research Update: Russia-Based MDM Bank Upgraded To 'BB-' On Bank Criteria Change; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Russia-based MDM Bank under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have raised our long-term rating on MDM Bank to 'BB-' from 'B+'. The 'B' short-term rating was affirmed. At the same time, we assigned an 'ruAA-' Russia national scale rating. The outlook is stable. Our ratings on MDM Bank reflect our 'bb' anchor for a commercial bank operating only in Russia, the bank's moderate business position, adequate capital and earnings, moderate risk position, average funding, and adequate liquidity. The counterparty credit rating is one notch higher than MDM's 'b+' stand-alone credit profile, reflecting our view of the moderate likelihood of extraordinary government support given the bank's moderate systemic importance in...

Companies mentioned in this report are: MDM Bank
Action: Affirmed
Action: New Rating
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.

MDM Bank

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