OREANDA-NEWS. Moody’s Investors Service today placed on review for possible upgrade the following global scale ratings of Absolut Bank: Ba3 long-term and Not Prime short-term local and foreign currency deposit ratings and Ba3 long-term foreign currency senior unsecured debt rating. The D- bank financial strength rating ("BFSR") was affirmed with stable outlook. Concurrently, Moody’s Interfax Rating Agency placed the bank’s Aa3.ru long-term national scale rating on review for possible upgrade. Moscowbased Moody’s Interfax is majority-owned by Moody’s, a leading global rating agency.

According to Moody’s and Moody’s Interfax ("Moody’s"), this rating action follows the announcement by the Belgian KBC Group that it would acquire a 92.5% in the Absolut Bank for USD 925 million, subject to regulatory and other approvals. The transaction is expected to close during the third quarter of 2007.