Moody's ups SKB Bank

Moody's Investors Service said it upgraded long-term foreign-currency deposit rating of SKB Bank and its local-currency debt rating to B1 from B2. The short-term foreign-currency bank deposit ratings were affirmed.

The agency also said it assigned long-term and short-term local-currency deposit ratings of B1/not-prime to the bank.

The outlook is stable.

The upgrades reflect the bank's growing market franchise, which has strengthened significantly in the past two years, Moody's said.

The bank also demonstrated a track record of sustainable performance amid the recent financial crisis in Russia, the agency said.

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