OREANDA-NEWS. April 17, 2009. URSA Bank, Open Joint Stock Company ("URSA Bank") advises that on 16 April 2009, Standard & Poor’s Rating Services, a division of The McGraw Hill Companies Inc., downgraded MDM Bank’s long-term counterparty rating to “BB-“ from “BB”, noting that "the downgrade is driven by the increased systemic risks in the Russian economy, which have led to a more strained financial performance and liquidity position of MDM".

On 3 December 2008, the principal shareholders of URSA Bank and MDM Bank announced their intention to combine their equity interests and ultimately consolidate the businesses of the two banks. The board of directors of each of URSA Bank and MDM Bank convened the general shareholders’ meetings of the two banks to take place on 8 May 2009, which must adopt a decision on the merger.