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Rating Action:

Moody's downgrades Bank of Moscow (Russia) to Ba2/E+; negative outlook

08 Jul 2011

Short-term Not Prime rating affirmed

London, 08 July 2011 -- Moody's Investors Service has today downgraded the following ratings of JSC Bank of Moscow (BOM): standalone bank financial strength rating (BFSR) to E+ (mapping to B2 on the long-term scale) from D-, long-term local and foreign currency debt and deposit ratings to Ba2 from Ba1, and long-term foreign currency subordinated debt rating to Ba3 from Ba2. The short-term foreign currency deposit rating of Not-Prime has been affirmed. The outlook on the stand-alone and long-term supported ratings is negative.

RATINGS RATIONALE

The rating action concludes the review process initiated on 28 June 2011 when BOM's long-term local and foreign currency debt and deposit ratings, long-term foreign currency subordinated debt rating and the standalone BFSR were placed on review for possible downgrade.

Moody's assessment is primarily based on the official press releases of the Russian Central Bank and VTB, BOM's monthly statutory accounts according to Russian financial accounting standards and the information we received from the top management of VTB.

Standalone Ratings

According to Moody's, the downgrade of BOM's standalone BFSR reflects the recent announcement by Bank VTB and the Russian Central Bank that BOM has been placed under financial recovery procedures due to significant losses incurred on its credit portfolio. These losses have significantly impaired the bank's capital base, necessitating external assistance. At the same time, the BFSR reflects the very high probability that the bank will receive the announced support package from the Russian authorities and from VTB, thus stabilising its financial position.

The rating agency expects the first part of the package to be received in the coming weeks from Russia's Deposit Insurance Agency (RUB295 billion deposit at 0.51% with a maturity of ten years, thus enabling BOM to record an immediate RUB150 billion gain under IFRS). This deposit will only be provided to BOM after VTB Group increases its stake at BOM to more than 75% from 46% currently; this transaction is likely to be finalised in the coming weeks, according to VTB. VTB announced that it will then provide up to RUB100 billion in Tier 1 capital to BOM by year-end 2012. This potential capital increase is likely to restore BOM's capital position under IFRS.

The negative outlook on BOM's BFSR reflects the downside risks that the support process may become somewhat disrupted and/or delayed. This may be caused by inability or delays in obtaining a 75% stake in BOM by VTB Group. If such scenario is realised, Moody's says the BFSR would likely be downgraded.

Moody's notes that the failure of the bank to comply with the regulatory capital adequacy ratios could trigger the violation of covenants embedded in its senior bonds documentation. If not remedied within 30 days period, it could trigger an event of default on the existing eurobonds with cross acceleration to the majority of international wholesale funding. However, according to Moody's estimates, the current liquidity position of BOM is adequate to meet the possible repayments even if the waiver from the creditors is not received and majority of debt and facilities with cross default clause have to be repaid in full prior to their contractual maturity.

Supported Ratings

The downgrade of BOM's long-term deposit and senior debt ratings reflect the downgrade of its standalone BFSR. BOM's ratings continue to reflect: (i) the E+ BFSR, mapping to B2 on the long-term scale and (ii) Moody's assessment of a high level of systemic support, given the bank's importance for the Moscow region and the banking system as a whole -- as the sixth-largest bank in Russia.

The negative outlook on BOM's supported ratings reflects the negative outlook on the bank's BFSR which is significantly linked to BOM's ability to receive the support packages in a timely manner. If there are significant impediments to the proposed support packages, Moody's would expect to announce a multi-notch downgrade of the supported ratings.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The last rating action on Bank of Moscow was on 28 June 2011, when Moody's downgraded the following ratings of JSC Bank of Moscow (BOM): standalone BFSR to D- from D, long-term local and foreign currency debt and deposit ratings to Ba1 from Baa2, long-term foreign currency subordinated debt rating to Ba2 from Baa3, and short-term foreign currency deposit rating to Not-Prime from Prime-2. At that time, Moody's placed the following ratings on review for further downgrade: the long-term local and foreign currency debt and deposit ratings, long-term foreign currency subordinated debt rating and the standalone BFSR.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Headquartered in Moscow, Russia, Bank of Moscow reported total assets of RUB853 billion (approximately USD28 billion) and net income of RUB2.8 billion according to (unaudited) IFRS at H1 2010.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Moscow
Vladlen Kuznetsov
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

London
Yves Lemay
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades Bank of Moscow (Russia) to Ba2/E+; negative outlook
No Related Data.
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