Fitch: Bank of Moscow on watch

Fitch Ratings said it has placed the ratings of Bank of Moscow, including its long-term issuer default rating of BBB-, on rating watch negative.

The rating actions follow the dismissal of the mayor of Moscow, Yuri Luzhkov, by president Dmitry Medvedev, the agency added.

The watch on the issuer default and support ratings reflects Fitch's view that there is a risk of deterioration in the relationship between the bank and the city following the appointment of the new mayor and city government.

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