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Fitch Ratings Places MDM Bank on Rating Watch Positive

05.03.2010

Today Fitch Ratings has placed MDM Bank on Rating Watch Positive (RWP), replacing the previous Stable Outlook. As a result, MDM Bank’s Long-Term Credit Rating has changed from ‘BB-’ (Stable) to ‘BB-’ (RWP), while its National Scale Long-Term Rating changed to ‘A+ (rus)’ (RWP) from ‘A+ (rus)’ (Stable).

The Rating Watch Positive reflects Fitch’s expectation that the Bank’s rating is likely to be upgraded following the MDM Bank review, to be completed within the next three months.

According to Fitch, the rating action reflects MDM Bank’s ability to access liquidity, as well to survive the current crisis without requiring emergency capital support from shareholders or the Russian authorities.

This rating action, in the view of MDM Bank’s management, reflects its strong capital and liquidity positions, and high loss absorption capacity.


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