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Rosbank ratings raised to B+/B, ruAA-; off watch positive; outlook positive -S&P.

Europe Intelligence Wire

| October 03, 2006 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From AFX Europe (Focus))

MOSCOW (AFX) - Standard & Poor's Ratings Services said it raised its counterparty credit ratings on Russia-based Rosbank OJSC to B+/B from B/C.

The ratings were also removed from CreditWatch, where they were placed with positive implications on June 8, following the announcement that Societe Generale was acquiring a 10 pct stake and aiming to increase its holding in Rosbank to 20 pct.

S&P said it also raised its Russia national scale rating on the bank to ruAA- from ruA-. The outlook is positive.

"The upgrade reflects SocGen's acquisition of an additional 10 pct stake in Rosbank in September 2006 (bringing its…

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