OREANDA-NEWS. September 19, 2007.  Fitch Ratings reviewed Promsvyazbank’s (PSB) outlook from stable to positive, while maintaining current ratings (Issuer Default Rating B+, Short-term Rating B, Support 5, Individual D).

In December 2006, Fitch Ratings reviewed already PSB’s outlook from stable to positive following the acquiring of 15.32% of the bank’s shares by Commerzbank AG. In May 2007, Fitch Ratings revised its outlook from positive to stable due to “…the reduced likelihood that Commerzbank AG (rated IDR 'A'/Stable Outlook) will acquire a majority stake in PSB”.

Such review again of the outlook to positive today was made possible due to several favorable factors including enhancement of PSB’s corporate governance, constant growth of market share, and permanent increase of its financial strength.

Alexandra Volchenko, PSB CFO, member of management board, says that “such positive review is a strong signal of confidence in PSB’s future, particularly in the current context of turbulences in International and Russian financial markets. It is also a testimony of PSB’s strong position on the market independently of the fact whether or not the bank will be supported by a foreign well-known institution”.

PSB benefits now from positive outlook on its ratings from all three rating agencies Standard & Poor’s, Moody’s and Fitch.