Following a review of OTKRITIE Bank under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our ratings on the bank at 'B-/C' and its Russia national scale rating at 'ruBBB+'. The outlook is positive. Our ratings on OTKRITIE Bank reflect the 'bb' anchor for a commercial bank operating only in Russia and our assessment of the bank's weak business position, weak capital and earnings, moderate risk position, average funding, and adequate liquidity. Our positive outlook reflects the increasing likelihood that the operational and integration risks of the recently acquired banks will ease. We also expect its risk management and corporate governance practices to improve further. As we previously announced, on Dec. 15, 2011, Standard...
Companies mentioned in this report are: OTKRITIE Bank
Action: Outlook: Positive
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