OREANDA-NEWS. February 19, 2009. Michael Raymond Stensrud, an Independent Member of the Supervisory Board of RODOVID BANK commenting on the recent publication of RODOVID BANK rating by the FITCH agency, has noted that, based on his experience, he finds it very unusual that a rating agency would change a rating without fresh detailed information including a visit and discussions with the management.

Mr. Stensrud said: "This has not been the case with the Fitch decision which came immediately after RODOVID BANK decided not to renew their contract for 2009.

The new Fitch rating can lead to a serious misconception. RODOVID BANK has not defaulted on any obligations to lenders or to depositors.

The bank continues cooperation with Moody’s and will in the near future receive a seriously and professionally prepared rating from them".

Michael Raymond Stensrud has been an Independent Member of the Supervisory Board of RODOVID BANK since January, 2008. He is focused on helping RODOVID BANK maintain leadership in corporate governance including implementation of IFC’s recommendations on best practices for Management Board procedures, transparency, disclosure and shareholder’s rights. Head of the Supervisory Board’s Audit & Risk Management Committee since April 2008