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Sberbank of Russia

November 22, 2004

Fitch upgrades Sberbank to investment-grade

On 19 November 2004, Fitch Ratings, the international rating agency upgraded the rating of Sberbank to investment-grade. This followed the equal upgrade of Russia's country rating.
Sberbank's Long-term foreign currency rating was raised from 'BB+' to 'BBB-' with a Stable Outlook, and Short-term to 'F3' from 'B'; Support rating was raised to '2' from '3'. Sberbank's Loan Participation Notes are also upgraded to 'BBB-' from 'BB+'.
Thus all Sberbank's ratings are investment-grade.
For reference:
In mid-October of this year international rating agency Moody`s changed Sberbank 's long-term currency deposit rating outlook from "Stable" to "Positive". Senior debt rating of Sberbank was raised to Âàà2, above the Russian Federation sovereign.
Currently Sberbank's ratings are the highest for the Russian banks. In September 2004 The Banker magazine awarded Sberbank the title of Bank of the Year 2004 in Russia.

 

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