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Rating Action:

Moody's takes actions on 5 subsidiaries of Raiffeisen Bank International

06 Jun 2012

Actions follow the downgrade of the parent bank's ratings

Milan, June 06, 2012 -- Moody's Investors Service has taken the following actions on Raiffeisen Bank International (RBI) subsidiaries:

- Downgraded by one notch the deposit ratings of Tatra Banka a.s. (Tatra) in Slovakia to A3/Prime-2, and confirmed the standalone bank financial strength rating (BFSR) of C- (mapping to a standalone credit assessment of baa2), with negative outlook. The downgrade reflects the reduced capacity of the parent, RBI, whose ratings were recently downgraded by one notch (deposits A2, stable; BFSR D+/ BCA ba1, stable), to provide support.

- Downgraded by one notch the deposit ratings of Raiffeisen Bank SA in Romania to Ba1/Not-Prime and the standalone BFSR to D- (mapping to a standalone credit assessment of ba3), with stable outlook. The downgrade reflects the impact of the deterioration of the operating environment in Romania, as reflected in a lower standalone BFSR for the bank. Parental support uplift of two notches in the deposit ratings is maintained, reflecting the RBI's relatively stronger credit profile from which support can be deployed.

- Confirmed the deposit and debt ratings of ZAO Raiffeisenbank in Russia at Baa3/Prime-3, and affirmed the standalone BFSR at D+ (now mapping to a standalone credit assessment of baa3 from ba1 previously), with stable outlook. The confirmation reflects its strong performance, as well as its relative resilience from potential pressures stemming from the parent.

- Downgraded by two notches the deposit and debt ratings of Raiffeisen Bank Aval in Ukraine to Ba3, with a negative outlook, lowered the standalone BFSR to E+ (mapping to a standalone credit assessment of b2), and downgraded the national scale ratings of Raiffeisen Leasing Aval (a fully-consolidated subsidiary of Raiffeisen Bank Aval) in Ukraine to Aa2.ua from Aa1.ua. The rating actions on Raiffeisen Bank Aval reflect the parent RBI's reduced capacity to provide support to the Ukrainian entity, combined with its significant exposure to Ukrainian sovereign risk, which is rated B2 with a negative outlook. The rating action on Raiffeisen Leasing Aval reflects a similar action on its parent.

These actions follow Moody's recent decision to downgrade these banks' parent, RBI. For further details on the RBI downgrade, please see http://www.moodys.com/research/Moodys-downgrades-Austrian-banks-ratings-carry-stable-or-negative-outlooks--PR_247329 published on 6 June 2012.

Today's rating actions on Tatra (Slovakia), Raiffeisen Bank (Romania) and ZAO Raiffeisenbank (Russia) conclude the reviews Moody's initiated on 21 February 2012, which were based on concerns deriving from the pressure facing the parent banking group RBI, as well as on standalone considerations for the subsidiaries with respect to their own markets.

Today's rating actions on Raiffeisen Bank Aval and Raiffeisen Leasing Aval (Ukraine) conclude the reviews that Moody's initiated on 21 February 2012 and on 5 April 2012, which were based on concerns deriving from the level of default correlation between Raiffeisen Bank Aval and the Ukrainian sovereign, as well as the negative effects on the banks' credit profile stemming from the challenges facing their parent.

A full list of affected ratings is provided at the end of the press release. For additional information on bank ratings, please refer to the webpage containing Moody's related announcements http://www.moodys.com/bankratings2012.

TATRA BANKA (SLOVAKIA)

RATINGS RATIONALE

--- WEAKENING CAPACITY OF THE PARENT BANK TO PROVIDE SUPPORT

Moody's says that the lowering to ba1 of the standalone credit assessment of Tatra's parent, RBI, has caused the downgrade of the bank's deposit ratings to A3/Prime-2 from A2/Prime-1, with a negative outlook, given that the deposit ratings of Tatra incorporated uplift from parental support. In addition, Moody's confirmed the standalone BFSR of Tatra at C- (mapping to baa2), with a negative outlook.

--- UNCERTAIN OPERATING ENVIRONMENT IN SLOVAKIA

The negative outlook assigned to Tatra's C- BFSR and to the long-term deposit ratings reflects Moody's expectation that the bank's profitability and asset quality may be affected by the increasingly uncertain operating environment in Slovakia, amidst the broader European Union economic slowdown which affects the country mainly through its large dependence on external demand. Moody's expects Slovakia's GDP growth to decelerate to about 1.7% for 2012, down from 3.1% in 2011 and 4% in 2010.

Despite Tatra's return to adequate profits in the last two years, Moody's believes that the weakening operating environment will affect the bank's profitability, through: (i) a slowdown in lending growth; (ii) a likely increase in loan-loss charges, compared to 2010 and 2011; (iii) the payment of a new bank tax, which will be levied by the government for the first time in 2012; and (iv) pressures on interest margins.

In addition, the bank shows some further vulnerability to the difficult operating environment given its significant activity in corporate lending which accounts for about 60% of the bank's loan book (with a significant exposure to the commercial real-estate segment), combined with significant corporate borrower concentrations.

The standalone BFSR of C-/baa2, with a negative outlook, also reflects Tatra's resilient franchise in Slovakia as the third largest bank, with market shares of around 17% in loans and deposits. In addition, the bank's currently satisfactory profitability and adequate funding profile, based largely on customer deposits, underpin the current rating. Finally, Moody's believe that Tatra is relatively well insulated from the pressures experienced by its parent, which is now rated two notches lower on a standalone basis, ba1 compared to baa2 for Tatra.

Tatra's deposit ratings continue to benefit from a two-notch rating uplift from systemic support, reflecting the very high probability of support from the Slovak government, in case of need.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Any upward movement on the ratings depend on material improvement in the European operating environment and a consequent easing of pressures on the bank and its parent. In addition, significant downwards pressure on Slovakia's government debt ratings could affect Tatra's deposit ratings.

A sustained reduction in borrower concentration, improvement in asset quality, and resilient profitability and liquidity could exert upward pressure on the standalone rating of the bank.

RAIFFEISEN BANK (ROMANIA)

RATINGS RATIONALE

--- INCREASINGLY CHALLENGING OPERATING ENVIRONMENT IN ROMANIA

Moody's says that the increasing challenges posed by the Romanian operating environment have reduced the creditworthiness of Raiffeisen Bank SA, reflected by the one-notch downgrade of standalone BFSR to D-/ba3, with a stable outlook, from D/ba2, and of its deposits ratings to Ba1/Not-Prime from Baa3/Prime-3.

Given Romania's high dependence on external markets, particularly in terms of exports and private sector capital inflows, the increasing pressure from euro area countries is dragging on Romania's economic performance. In the last quarter of 2011 and in the first quarter of 2012 Romania experienced a mild GDP contraction quarter-on-quarter. Private consumption remains subdued, and unemployment is rising. Although economic growth should improve in the coming years, this will likely remain well below the 2008 pre-crisis levels (about 6% GDP growth per annum), thus making income convergence with core Europe more challenging, given the significant disparity in household income, at 64% below the EU27 average. The macroeconomic weaknesses affect banking sector performance through weak credit demand, lower revenues and asset-quality pressures.

For Raiffeisen Bank SA, Moody's is particularly concerned about potential asset quality pressure that could stem from a partially unseasoned loan book, following rapid loan growth of around 17% per year in the past two years, in the context of a general stagnation within the domestic banking system. The bank's relatively high corporate borrower concentration intensifies the risks associated with rapid loan growth. In addition, given the risks associated with the euro area, Moody's views the bank's capitalisation as providing only a limited cushion against possible stress scenarios. This exposure to external shocks is further exacerbated by the significant amount of foreign-currency loans granted by the bank, currently at 44% of gross loans, mainly Euro-denominated.

Moody's also acknowledges that Raiffeisen Bank SA benefits from a relatively good franchise as a second tier bank in Romania, with market shares of 6.5% in loans and 8.4% in deposits, with an extensive distribution network and well recognised brand name. In addition, the bank currently reports good profitability and a satisfactory funding profile based largely on customer deposits denominated both in local and foreign currencies. These factors combined with Moody's view of the strategic importance of the subsidiary within the RBI group, currently result in a two-notch rating uplift for the bank's deposit rating, from Moody's parental support assumptions and underpin the stable outlook on the bank's ratings.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Any upward movement of the standalone rating depends on sustainable improvements in the operating environment in Romania, a further strengthening of the bank's franchise and significantly improved financial fundamentals.

Further downgrades of either the standalone ratings or the deposit ratings would likely stem from a severe deterioration in the bank's asset quality, profitability and capitalisation as a result of the challenging macro-economic environment in Romania. A downgrade of the bank's deposit ratings could also occur if RBI's ratings were downgraded further.

ZAO RAIFFEISENBANK (RUSSIA)

RATINGS RATIONALE

--- IMPROVEMENT IN STANDALONE CREDIT PROFILE

Moody's has confirmed ZAO Raiffeisenbank's debt and deposit ratings of Baa3/Prime-3 and affirmed the D+ BFSR (now mapping to a standalone credit assessment of baa3 from ba1). The strengthening of the bank's standalone credit assessment to baa3 from ba1 effectively neutralised the reduction in debt and deposit rating uplift from parental support following the downgrade of RBI.

Moody's recognises the bank's decreased reliance on wholesale funding sources; the bank's local customer deposit base accounted for 79.4% of its total liabilities as at end-March 2012 compared with 67.9% at year-end 2010. ZAO Raiffeisenbank also has been able to sustain one of the lowest funding costs among its Russian peers.

Moody's also acknowledges the bank's low-risk appetite, reflected by its robust asset quality and much lower level of problem loans compared to its major peers. The bank's financial fundamentals are strong, in particular (i) the robust loss-absorbing buffer (as at end-March 2012 equity-to-assets ratio and return on average total assets totalled 16.6% and 2.9% respectively); (ii) the robust liquidity cushion (with loan--to-deposit ratio of 87%); and (iii) highly liquid assets (cash and cash equivalents), accounting for 31% of the bank's total liabilities as at end-March 2012.

In Moody's view, these factors -- combined with ZAO Raiffeisenbank's entrenched franchise and highly conservative risk appetite -- places the bank in a stronger position relative to its peers to manage the potential risks of deterioration in the operating environment.

Finally, Moody's believes that the credit profile of ZAO Raiffeisenbank is relatively well insulated from the pressures experienced by its parent, which is now rated one notch lower on a standalone basis, ba1 compared to baa3 for ZAO Raiffeisenbank.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's believes there is little likelihood of any upward pressure on ZAO Raiffeisenbank's ratings in the near-term, unless there is a material improvement in the operating environment and a consequent easing of pressures on the parent bank.

Any substantial deterioration in the operating environment resulting in significant erosion of the bank's historically robust financial fundamentals could warrant a downgrade of ZAO Raiffeisenbank's ratings. In addition, further significant downward pressure on RBI's standalone rating could affect the Russian subsidiary's debt and deposit ratings.

RAIFFEISEN BANK AVAL AND RAIFFEISEN LEASING AVAL (UKRAINE)

RATINGS RATIONALE

Raiffeisen Bank Aval's ratings were placed under review for two reasons: (i) to assess the extent to which the bank's standalone creditworthiness is correlated with that of the Ukrainian government's credit profile, which was initiated on 5 April 2012 in the context of an ongoing global review affecting all banks whose standalone ratings are higher than the rating of the government where they are domiciled; and (ii) to assess the capacity of the parent group to provide support.

Moody's says that the high correlation between the credit profile of Raiffeisen Bank Aval and of the B2 rated Ukrainian sovereign (negative outlook), and the reduced capacity of the parent RBI to provide support, have resulted in a downgrade of Raiffeisen Bank Aval's deposit and debt ratings to Ba3 from Ba1, with a negative outlook, its standalone BFSR to E+ (mapping to a standalone credit assessment of b2) from D- (mapping to a standalone credit assessment of ba3). In addition, the national scale ratings of Raiffeisen Leasing Aval (a fully-consolidated subsidiary of Raiffeisen Bank Aval) in Ukraine were downgraded to Aa2.ua from Aa1.ua following a similar action on its parent.

--- CORRELATION TO THE CREDITWORTHINESS OF THE UKRAINIAN GOVERNMENT

Moody's lowered Raiffeisen Bank Aval's standalone credit assessment by two notches to b2, in line with Ukraine's B2 sovereign rating. The downward revision of the bank's standalone ratings reflects Moody's assessment of the extent to which its creditworthiness is correlated with that of Ukrainian government's credit strengths. This reflects the bank's (i) significant exposure to the Ukrainian government bonds, accounting for about 120% of its Tier 1 capital; and (ii) the geographical concentration of the bank's operations in Ukraine's challenging operating environment.

--- WEAKENING CAPACITY OF THE PARENT BANK TO PROVIDE SUPPORT

The downgrade of Raiffeisen Bank Aval's local-currency deposit and debt ratings to Ba3, with a negative outlook, from Ba1 also reflects RBI's reduced capacity to provide capital and funding support to its Ukrainian subsidiary, if needed, as reflected by the one-notch downgrade of RBI's ratings. Moody's incorporates moderate parental support probability in Raiffeisen Bank Aval's ratings, which results in a two-notch of rating uplift from its b2 standalone credit assessment.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's believes there is little likelihood of any upward movement in Raiffeisen Bank Aval's and Raiffeisen Leasing Aval's ratings in the near-term, unless there is a material improvement in the operating environments of the bank and its parent group.

The banks' ratings could be downgraded if the operating environment deterioration in Ukraine increases the pressure on the asset quality and capitalisation. A downgrade of RBI's ratings would also have negative rating implications for the Ukrainian subsidiaries.

FULL LIST OF RATING ACTIONS

The following ratings were affected today:

..Issuer: Tatra Banka a.s.

Long-term deposit ratings downgraded to A3 from A2, with negative outlook

Short-term deposit ratings downgraded to Prime-2 from Prime-1

Bank financial strength rating confirmed at C-/baa2, with negative outlook

..Issuer: Raiffeisen Bank SA

Long-term local and foreign-currency deposit ratings downgraded to Ba1 from Baa3, with stable outlook

Short-term local and foreign-currency deposit ratings downgraded to Not-Prime from Prime-3

Bank financial strength rating downgraded to D-/ba3 from D/ba2, with stable outlook

..Issuer: ZAO Raiffeisenbank

- Long-term local and foreign-currency deposit ratings of Baa3, confirmed with a stable outlook

- Local-currency senior unsecured debt rating of Baa3, confirmed with a stable outlook

- Foreign-currency senior unsecured debt rating of (P)Baa3, confirmed with a stable outlook

- Short-term local and foreign-currency deposit ratings of Prime-3, confirmed

- Foreign-currency senior unsecured debt rating of (P)Prime-3, confirmed

- Foreign-currency subordinated debt rating of (P)Ba1, confirmed with a stable outlook

- Bank financial strength rating of D+/baa3, affirmed with a stable outlook

..Issuer: Raiffeisen Bank Aval

Long-term local-currency deposit ratings downgraded to Ba3 from Ba1, with negative outlook

Long-term local-currency senior unsecured debt ratings downgraded to Ba3 from Ba1, with negative outlook

Bank financial strength rating downgraded to E+/b2 from D-/ba3, with stable outlook

..Issuer: Raiffeisen Leasing Aval

National scale issuer and debt ratings downgraded to Aa2.ua from Aa1.ua

Raiffeisenbank (Bulgaria)'s Baa3/Prime-3, long and short-term local and foreign-currency deposit ratings remain on review for downgrade. This reflects the ongoing review of the bank's D+ standalone BFSR, mapping to ba1, which was initiated on 18 May 2012. Moody's expects to conclude the review on the bank's ratings within the coming weeks.

The principal methodologies used in these ratings was Bank Financial Strength Ratings: Global Methodology published in February 2007 and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

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 ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the ratings for Raiffeisen Bank SA, ZAO Raiffeisenbank, and Tatra banka, a.s. are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Information sources used to prepare the ratings for Raiffeisen Bank Aval, and Raiffeisen Leasing Aval are the following: parties involved in the ratings, and public information.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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 considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

The below contact information is provided for information purposes only. Please see the issuer page on www.moodys.com for Moody's regulatory disclosure of the name of the lead analyst and the office that has issued the credit rating.

The relevant Releasing Office for each rating is identified under the Debt/Tranche List section on the Ratings tab of each issuer/entity page on moodys.com

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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.

Simone Zampa
Vice President - Senior Analyst
Financial Institutions Group
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

Yves?J?Lemay
MD - Banking
Financial Institutions Group
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Releasing Office:
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

Moody's takes actions on 5 subsidiaries of Raiffeisen Bank International
No Related Data.
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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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