Moody's lifts Vozrozhdeniye Bank

Moody's Investors Service said it upgraded to B1 from B2 Vozrozhdeniye Bank's long-term foreign currency deposit rating.

The outlook is stable.

According to Moody's, the upgrade reflects the bank's growing franchise, together with material improvement in its financial fundamentals in the wake of the bank finally solving its largest non-performing loan problem in 2004.

The agency said improvements include decreased single-party and industry concentration, increased returns and lower risks on the loan portfolio, as well as growing profitability and capitalization.

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