OREANDA-NEWS. On December 19, 2008 Standard & Poor’s lowered the long-term counterparty credit rating on Alfa-Bank to ’BB-’ from ’BB’ and its Russia national scale rating to ’ruAA-’ from ’ruAA’. At the same time, it affirmed the ’B’ short-term counterparty credit rating, reported the press-centre of Alfa-Bank.

The rating’s decision follows Standard & Poor’s annual review of Alfa-Bank and reflects their view of increasing systemic risks in the Russian economy and the banking sector. This is in line with the recent actions by Standard & Poor’s regarding the rating of Russia and a number of the largest Russian banks. At the same time the outlook for Alfa-Bank has changed from negative to stable due to “the bank’s position as one of the top private banks in Russia, its well-established business franchise, and support received from the government and shareholders”.

The Management of Alfa-Bank assures its clients and investors that the Bank’s liquidity position is currently very strong and sufficient, not only to cover all its obligations, but also to grant new loans to both corporate and retail customers. The bank receives material and timely support from the government and acts as an agent for ensuring stability of the economy through providing funding to both the financial and real economic sectors in Russia.