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Rating Action Commentary

ֳ Rates Rosbank's A3 and A5 Series Notes Final 'BBB+'/'AAA(rus)'

Mon 16 Nov, 2009 - 9:34 AM ET

ֳ-London/Moscow-16 November 2009: ֳ has today assigned Rosbank's RUB5bn four-year 12% A3 series notes and RUB5bn five-year 12% A5 series notes final Long-term local currency ratings of 'BBB+' and final National Long-term ratings of 'AAA(rus)'.

Both A3 and A5 series notes were issued under Rosbank's RUB30bn bond programme and have put options exercisable on 16 May 2011. (Details on the programme can be found in ֳ's commentary, dated 29 October 2009, on the agency's website, .)

Rosbank is rated Long-term foreign currency Issuer Default (IDR) 'BBB+' with Negative Outlook, Short-term IDR 'F2', Long-term local currency IDR 'BBB+', also with Negative Outlook, Individual 'D', Support '2' and National Long-term 'AAA(rus)' with Stable Outlook.

Rosbank is one of top 10 banks in Russia with a strong retail focus. The bank operates in 70 regions in Russia through its vast network of about 700 outlets. The bank is 64.7%-owned by France's Societe Generale (rated 'A+'/Stable).

In ֳ's rating criteria, a bank's standalone risk is reflected in ֳ's Individual ratings and the prospect of external support is reflected in ֳ's Support ratings. Collectively these ratings drive ֳ's Long- and Short-term IDRs.

Contacts: Svetlana Petrischeva, London, Tel: +44 20 7682 71 31; Alexander Danilov, Moscow, +7 495 956 2408.

Media Relations: Marina Moshkina, Moscow, Tel: +7 495 956 9901, Email: marina.moshkina@fitchratings.com; Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.

Note to Editors: ֳ's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(rus)' for National ratings in Russia. Specific letter grades are not therefore internationally comparable.

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