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Moody's upgrades Uralvneshtorgbank to B1 on URSA-Bank merger

January 17, 2007 | Cbonds

Moscow, January 17, 2007 -- Moody's Investors Service has upgraded the long-term foreign currency deposit rating of Russia's Uralvneshtorgbank ("UVTB") to B1 from B2. At the same time, Moody's Interfax Rating Agency has upgraded UVTB's long-term national scale rating ("NSR") to A1.ru from A3.ru. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency.

The upgrades conclude the review for possible upgrade initiated on 3 October 2006 and reflect UVTB's merger with the financially stronger institution URSA-Bank (formerly SibAcademBank, rated B1/NP/E+ with positive outlook), which was finalised at the end of 2006. UVTB's Not Prime short-term foreign currency deposit rating and E+ financial strength rating ("FSR") have been affirmed. The outlook on the B1/E+ ratings is stable.

Moody's notes that the ratings of UVTB will shortly be withdrawn as it has ceased to exist as an independent legal entity following the merger.

Company: Ural Bank of Foreign Trade

Full company nameUralvneshtorgbank
Country of riskRussia
Country of registrationRussia
IndustryBanks

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