Moody's: Vneshtorgbank positive

Moody's Investors Service said it changed to positive from stable the outlooks for the Ba1 long-term foreign currency deposit ratings of Sberbank, Vnesheconombank and Vneshtorgbank.

This rating action follows the recent announcement by Moody's changing to positive from stable the outlook for the Ba1 foreign currency bank deposit ceiling of the Russian Federation. Expected support in case of need, resulting from the banks' government ownership, was the main reason for maintaining the deposit ratings of the three banks at the ceiling for such deposits in Russia, says Moody's.

Moody's has also upgraded to Baa2 from Baa3 a rating of loan participation notes issued by UBS (Luxembourg) SA on limited-recourse basis for the sole purpose of financing a loan to Sberbank. The outlook for the rating is also positive.

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