Moody's ups Vostochny Express

Moody's Investors Service said it upgraded the long-term deposit ratings of Vostochny Express Bank to B1 from B2.

Its not-prime short-term bank deposit ratings were affirmed.

The outlook is stable.

The affirmations are largely based on the bank's audited financial statements for 2010, Moody's said.

The ratings reflect material improvements to its franchise value in 2010 to 2011, its sustained track record of maintaining adequate financial fundamentals and the bank's improvements in corporate governance following equity participation by institutional investors, the agency said.

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