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Russian Standard Outlook Negative: S & P

Standard & Poor's Ratings Services said today that it revised its outlook on Russian Standard Bank to negative from stable

Russian Standard Outlook Negative: S & P

Standard & Poor's Ratings Services said today that it revised its outlook on Russian Standard Bank to negative from stable over increased pressure on the bank's financial performance and commercial position as a result of its recently revised strategy and greater challenges to funding business growth.

At the same time, Standard & Poor's affirmed its 'BB-' long-term and 'B' short-term counterparty credit ratings, as well as its 'ruAA-' Russia national scale rating on the bank.

The global market turmoil and domestic regulatory consumer protection pressures to improve transparency and normalize loan charges in the consumer finance industry pushed the bank to adopt a more conservative growth strategy and reduce prices.

The largest specialized consumer finance bank in The Russian Federation (foreign currency BBB+/Positive/A-2;
local currency A-/Positive/A-2; Russia national scale ruAAA/--/--), RSB is among the top 15 domestic banks, with assets of Russian ruble (RUR) 212 billion ($8.5 billion) on Dec. 31, 2007.

"The negative outlook reflects the bank's increased challenge to fund its business growth and limit the impact of its revised strategy on its leadership position and financial performance," said Ms. Trofimova.

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