Moody's affirms Bank VTB

Moody's Investors Service said it affirmed the D- stand-alone bank financial strength rating of Bank VTB as well as the bank's Baa1 supported long-term local- and foreign-currency deposit and Baa1/Baa2 senior/subordinated debt ratings.

The outlook is stable.

Moody's also affirmed the bank's P-2 short-term local- and foreign-currency deposit ratings.

The ratings consider VTB's audited financial statements for 2010 prepared under IFRS, the agency said.

The affirmation of VTB's ratings reflects the bank's resilience to potential negative pressure stemming from its investment into Bank of Moscow, the agency added.

The acquisition of Bank of Moscow and the subsequent identification of credit problems at that bank highlight weaknesses in VTB's corporate governance and risk management, the agency said.

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