Standard & Poor's assigned BBB/A-2 long- and short-term counterparty rating and ruAAA national scale rating to the Bank of Moscow (BoM), the outlook Stable. The rating is based on the assumption that BoM will be a core subsidiary of its parent bank state-controlled VTB. VTB is Russia's second largest bank and owns 95.5% in BoM. Any rating action or outlook revision of VTB will be mirrored on BoM. BoM's stand-alone credit profile (SACP) is b+, reflecting bank's "adequate" business position, capital and earnings, and liquidity, "average" funding, and "weak" risk position. In December Moody's Investors Service upgraded the BoM's deposit and senior unsecured debt rating from B1 to Ba3, outlook Stable. The rating affirmation reflects high probability of support from the parent state-controlled VTB Bank . The affirmation also considers Bank of Moscow's remaining under financial rehabilitation program launched in 2011. In June, Fitch Ratings affirmed the BBB long-term Issuers Default Rating (IDR), outlook Negative, and bb- viability rating of the BoM. Bank's IDR still reflects high probability of support from VTB. VTB is expected to support the BoM due to high operational and management integration, BoM's important domestic clients, high reputational risks in case of default of the BoM, as well as history of support since BoM acquisition in H2/11.
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