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Fitch Upgrades and Withdraws Troika Dialog's Ratings

January 31, 2012 | Fitch Ratings

Fitch Ratings-London/Moscow-30 January 2012: Fitch Ratings has upgraded Cayman-based Troika Dialog Group Limited's (TDGL) Long-term foreign currency Issuer Default Rating (IDR) to 'BBB-' from 'B+' with a Stable Outlook. The agency has also revised the Rating Watch on TDGL's subsidiary bank, CJSC Troika Dialog Bank (TDB) 'B+' Long-term IDR to Evolving from Positive. The agency has simultaneously withdrawn TDGL and TDB's ratings. A full list of rating actions is at the end of this comment.

The upgrade of TDGL's ratings reflects the high probability of support from Russia's Sberbank ('BBB'/Stable), which completed the acquisition of a 100% stake in TDGL on 23 January 2012. The RWE on TDB reflects uncertainty regarding TDB's role in the group, as management has not yet decided whether the bank will be sold or integrated into the group.

The withdrawal of the ratings of TDGL and TDB reflect the fact that the issuers have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, the agency will no longer provide ratings or analytical coverage for the issuers.

The rating actions are as follows:

Troika Dialog Group Limited:
Long-term foreign currency IDR: upgraded to 'BBB-' from 'B+', off Rating Watch Positive (RWP), Outlook Stable, rating withdrawn
Short-term IDR: upgraded to 'F3' from 'B', off RWP, rating withdrawn
Support Rating: upgraded to '2' from '5', off RWP, rating withdrawn
Support Rating Floor: affirmed at 'No floor' and withdrawn

CJSC Troika Dialog Bank:
Long-term foreign currency IDR: 'B+', Rating Watch revised to Evolving from Positive, rating withdrawn
Short-term IDR: 'B', Rating Watch revised to Evolving from Positive, rating withdrawn
Support Rating: '4', Rating Watch revised to Evolving from Positive, rating withdrawn
National Long-term Rating: 'A-(rus)', Rating Watch revised to Evolving from Positive, rating withdrawn

Company: Troika-D Bank

Full company nameJoint Stock Company TROIKA-D BANK
Country of riskRussia
Country of registrationRussia
IndustryBanks

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