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MOODY'S UPGRADES IMPEXBANK TO Baa2/P-2 FROM B1/NP; US$100 MILLION LOAN PARTICIPATION NOTES UPGRADED TO A3 FROM B1 (RUSSIA)

May 5, 2006 Cbonds
Long- and Short-Term Rating Outlook on Deposits and Debt Changed to Stable
from Positive; Positive outlook for the E+ FSR is maintained

Moody's Investors Service today upgraded
Impexbank's long- and short-term foreign currency bank deposit ratings to
Baa2/Prime-2 from B1/Not-Prime, and the bank's foreign currency senior
unsecured debt rating to A3 from B1. Moody's said that the bank's
Baa2/Prime-2 long- and short-term foreign currency deposit ratings are
now constrained by Russia's country ceiling for such deposits, while the
bank's bonds issued under foreign law may pierce the Baa2 sovereign
ceiling for foreign currency-denominated bonds. The outlook for the
bank's deposit and debt ratings has been changed to stable from positive.
The E+ financial strength rating (FSR) has been affirmed, and the FSR
outlook remains positive.

The rating actions are triggered by the transfer of a 100% stake in
Impexbank to Raiffeisen International Bank-Holding AG (RI) -- a 70%
subsidiary of Austria's Raiffeisen Zentralbank Oesterreich AG (rated
A1/Prime-1/C+) -- which signifies completion of the first part of the
share purchase agreement between RI and the former owners of Impexbank
(please refer to Moody's press release dated 3 February 2006).

The upgrade of the bank's deposit and debt ratings is based on Moody's
assumptions regarding RI's strong commitment to and implicit support for
Impexbank. The foreign currency deposit rating is expected to follow
future movements of the country's ceiling; on the upside it could move up
to a level commensurate with the bank's fundamental credit strength,
which will primarily depend on Raiffeisen Zentralbank Oesterreich AG's
ratings, together with the bank's standalone rating and the level of
implicit support from the bank's strategic shareholder.

The rating agency adds that, following the results of the annual review
meeting, Impexbank's E+ FSR could be upgraded. In Moody's opinion, the
entry of the new sophisticated strategic shareholder is expected to help
the bank to improve its corporate governance, risk management and
financial fundamentals.

The following ratings of Impexbank were upgraded:

- Long-term and short-term foreign currency deposit ratings,
respectively, to Baa2/Prime-2 (stable outlook) from B1/Not Prime
(positive outlook);

- Long-term debt rating of 9.00% US$100 million loan participation notes
issued by Dresdner Bank AG due in 2007, to A3 (stable outlook) from B1
(positive outlook);

The following ratings were affirmed:

- E+ FSR (positive outlook)

Headquartered in Moscow, Russian Federation, Impexbank reported total
IFRS consolidated assets of US$1.9 billion and net IFRS income of US$26.3
million as at 31 December 2005.
  • Status
    redeemed
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    100,000,000 USD
  • М/S&P/F
    — / — / —
Company — IMPEXBANK
  • Full name
    IMPEXBANK OJSC
  • Registration country
    Russia
  • Industry
    Banks