Fitch boosts four Russian banks

Fitch Ratings said it upgraded the long-term ratings of four Russian banks following the upgrade of the Sovereign long-term foreign currency rating to BBB from BBB-.

The outlook remains stable.

The following rating actions reflect Fitch's view of the Russian authorities' improved capacity to support these banks, if required: Sberbank-Savings Bank of the Russian Federation, upgraded to long-term BBB from BBB- with a stable outlook, short-term affirmed at F3 and support affirmed at 2. A review of the C/D individual rating will be completed in the next few weeks, Fitch noted;

Sberbank's $1 billion senior unsecured eurobond due 2006 is also upgraded to BBB from BBB- . Its $1 billion subordinated debt issue due 2015 is upgraded to BBB- from BB+, the agency said.

Vnesheconombank was upgraded to long-term BBB from BBB- with a stable outlook, short-term affirmed at F3 and support affirmed at 2 and Vneshtorgbank was upgraded to long-term BBB from BBB- with a stable outlook, short-term affirmed at F3 and support affirmed at 2, Fitch said.

Fitch also said it is keeping Industry & Construction Bank, St. Petersburg's long-term B+ on rating Watch positive. Its other ratings are affirmed at short-term B and support 4.

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