OREANDA-NEWS. Fitch Rating Agency declared today that it revises Promsvyazbank’s (PSB) outlook from positive to stable, while maintaining current ratings (Issuer Default Rating B+, Short-term Rating B, Support 5, Individual D), due to “…the reduced likelihood that German-based Commerzbank Auslandsbanken Holding AG, a wholly owned subsidiary of Commerzbank AG (rated IDR "A"/Stable Outlook) will acquire a majority stake in PSB”. PSB Management announces:

• PSB does not exclude different strategies regarding the structure of ownership and capitalization of the bank including further negotiations with Commerzbank.
• We may remind that the positive outlook established by Fitch in December 2006 and its today’s revision to stable was/is only based on the perspective of Commerzbank to acquire a majority stake in PSB and not on the basis of financial indicators.
• PSB’s audited financial statements at year-end 2006 show strong growth, high level of profitability and liquidity, excellent asset quality and capitalization. More generally, these indicators show higher performance of PSB than most peer group banks for 2006.