Moody's lifts Moscow Bank

Moody's Investors Service said it upgraded Moscow Bank for Reconstruction and Development's long-term local- and foreign-currency deposit ratings to B1 from B2 and subordinated foreign-currency debt rating to B2 from B3. Its bank financial strength rating of E+ and short-term local- and foreign-currency deposit ratings of not-prime were not affected by this action.

The outlook is stable.

This action concludes a review for upgrade that began in November and follows the recent upgrade of the bank's parent JSFC Sistema's corporate family and senior unsecured ratings to Ba3 from B1 and B2, respectively. Moody's said there is a moderate probability of parental support from Sistema to Moscow Bank in case of need, as well as a high degree of interdependence between the parent and the subsidiary.

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