Fitch affirms Bank of Moscow

Fitch Ratings said it has affirmed the ratings of Bank of Moscow, including the long-term issuer default rating at BBB- with a negative outlook.

The ratings reflect Fitch's view of the high probability of support from the City of Moscow if necessary given the bank's ties to the city, the city's majority ownership, albeit partly indirect, in Bank of Moscow, and its strong ability to provide support, as indicated by its issuer default rating of BBB/negative, the agency added.

The bank's long-term issuer default rating is dependant on the city's ownership, its financial position and its propensity to support the bank, Fitch noted.

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