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Moody's may upgrade Absolut Bank
Moody's Investors Service said it placed Absolut Bank's B1/Not-Prime/E+ ratings, A1.ru national scale rating and B1 senior unsecured notes under review for possible upgrade and affirmed KBC Bank's Aa2/Prime-1/B- ratings following the announcement that KBC Bank will acquire a 92.5% stake in Absolut Bank. The closing of the transaction is expected in the third quarter of 2007.
The agency said the review for possible upgrade reflects the possible improvement of Absolut Bank's franchise, financials and overall risk management through its ownership by KBC Bank.
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