The long-term rating Baa2 (rus) by national ranking of Moody's Interfax Rating Agency means the adequate level of creditworthiness compared to the other Russian borrowers/ borrowings. The borrowers are able to fulfill their financial obligations in the favorable environment. However, their creditworthiness is more sensitive to the negative changes in the external environment.

By report of Moody's Interfax Rating Agency, upgrading to the level Baa2 (rus) reflects significant decline in a loan portfolio concentration, particularly with respect to a large borrower, as well as widening of the customer base and growth of the Bank's capitalization. The Bank's rating is defined by its strong market position in the Moscow Region, diversified customer base and the solvent Bank's liabilities.

Credit ratings: long-term credit rating - Baa3 (rus) level; Short-term credit rating - RUS-3, "Rating agency Interfax" assigned this rating to Vozrozhdeniye Bank in September 2003.

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Moody's Interfax Rating Agency is specialized in evaluation of credit risks in Russia. In November 2003 the leading international rating agency Moody's Interfax Rating Agency joined the group of the Agency shareholders, and in June 2004 Moody's enlarged its share of participation in the share capital up to majority shareholding. Another shareholder of Moody's Interfax Rating Agency is the international information group "Interfax" - the major supplier of political and business information from the emerging markets of Europe and Asia.