Moody's ups Bank of Moscow notes to Baa2

Moody's said it upgraded to Baa2 the rating of $250 million notes issued by Kuznetski Capital SA for the sole purpose of funding a loan to Moscow Municipal Bank - Bank of Moscow with maturity in September 2009.

At the same time Bank of Moscow's foreign currency deposit rating has been upgraded to Ba1 from Ba2. The outlook is positive.

Moody's said the bank's ratings take into account not only the potential support the bank may receive from the City of Moscow, but more importantly the likelihood that Russia's central government may extend support to Bank of Moscow in case of need.

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