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19.11.04

Moody’s assigns D/Ba1/NP ratings to Raiffeisenbank Austria, ZAO (Russia).

Raiffeisenbank Austria, ZAO is assigned first time ratings by Moodys Investors Service. Ratings received by the Bank are D Financial Strength Rating (FSR), Ba1 long-term and NP short-term foreign currency deposit ratings. The outlook is positive on the banks foreign currency deposit rating but stable on the FSR. The rating is one of the highest assigned by Moodys to Russian banks, including state-owned ones.

Raiffeisenbanks Ba1 (long-term)/NP (short-term) foreign currency deposit rating is currently constrained by Russias country ceiling (which is Ba1 as well) and is very likely to mirror any movements in this ceiling. Expected direction of the rating over the medium term is positive, i.e. it is likely to be upgraded in the future.

The D financial strength rating, defining banks intrinsic safety and soundness, is supported by banks well-conceived market strategy implemented by experienced management team, which has translated into significant market shares in all major business segments, considerable brand recognition and a well-established franchise; profitable and cost-efficient operations; sound asset quality and stringent loan underwriting standards; adequate capitalization and a satisfactory liquidity profile. However the FSR is constrained by some degree of dependence on parent borrowings and competitive operating environment.

Earlier this year Moodys Interfax Rating Agency, (Moodys Corporation Russian affiliate) assigned the long-term national scale credit rating to Raiffeisenbank Austria, ZAO at Aaa (rus) and the short-term rating at RUS-1.

All above indicated ratings factor in support from the banks shareholders. Raiffeisenbank Austria, ZAO is a subsidiary of Raiffeisen International Bank-Holding AG (Raiffeisen International) with RZB as ultimate shareholder. Raiffeisen International is a fully consolidated subsidiary of RZB and a member of the RZB Group, minority interest in Raiffeisen International is held by International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). Raiffeisen International is the holding company for Raiffeisen Group most important subsidiaries in Central and Eastern Europe (CEE). RZB-Austria is the central institution of the Austrian Raiffeisen Banking Group, the country''s most powerful banking group, rated A1/P-1/C+ by Moodys.

Raiffeisenbank Austria, ZAO has been operating in Russia since 1996 as auniversal bank with operations equally focused on commercial, retail andinvestment banking activities. In 2004-2006 the Bank plans to expand itsregional presence, adding branches in 10 regional centers to alreadyexisting Branch in Saint Petersburg, primarily in cities with largepopulation.

 

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