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Fitch changes Rosbank's outlook from stable to positive

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MOSCOW, June 19 (RIA Novosti) - International rating agency Fitch said Monday it had changed the outlook of Russia's Rosbank (RTS: ROSB) from stable to positive after a leading French bank increased its stake.

The agency changed the outlooks on the bank's Issuer Default rating ("IDR") and National Long-term rating to positive, and affirmed the two ratings at 'B+' and 'A-(A minus)(rus)' respectively.

Fitch also affirmed the bank's other ratings at Short-term 'B', Individual 'D' and Support '4'.

The agency said, "The change in the Outlooks follows the recent announcement that Societe Generale (IDR 'AA' / Outlook Stable) has acquired a 10% stake in Rosbank. It has also entered into exclusive negotiations to implement a cooperation agreement to support Rosbank's future development and increase Societe Generale's stake to 20% from 10%."

"In Fitch's view, even as a minority shareholder Societe Generale is likely to have a material positive impact on certain aspects of Rosbank's risk management and business development," the statement said.

Rosbank, majority owned by financial holding Interros, is one of Russia's top thirty banks on a list published by the Central Bank. Shareholder equity as of January 1, 2006, was 20.4 billion rubles (about $713 million).

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