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S&P assigns AKB Bank Moskvy OAO's rating


Tuesday, 24 Dec 2013 03:51am EST 

AKB Bank Moskvy OAO:Standard & Poor's Ratings Services (S&P) said it has assigned its BBB/A-2 long- and short-term counterparty credit ratings and its ruAAA Russia national scale rating to Russia-based AKB Bank Moskvy OAO (BoM).The outlook is stable.S&P bases its ratings on BoM on its status as a core subsidiary of VTB Bank JSC, since VTB owns 95.5 pct of BoM, which is an integral part of VTB's franchise in Russia.S&P therefore equalizes the ratings on BOM with those on VTB.The stand-alone credit profile (SACP) is b+ and reflects S&P's bb anchor for a commercial bank operating only in Russia, and the bank's adequate business position, adequate capital and earnings, weak risk position, average funding, and adequate liquidity, as S&P's criteria define the terms.S&P's issuer credit rating on BoM consequently incorporates five notches of uplift above BoM's SACP, reflecting the almost certain likelihood that VTB would support BoM if needed.The outlook mirrors that on VTB, which in turn reflects that on Russia, VTB's majority owner.Any rating action or outlook revision on VTB will automatically lead to a similar action on BoM as long as the bank maintains its core status. 

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