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Fitch Ratings retained the following JSB Orgresbank’s ratings in the Positive Rating Watchlist: Issuer Default Rating (IDR) of B-, Short-term Rating of B, Support Rating of 5 and Long-term National Scale Rating of BB+(rus). Individual rating was affirmed at the level of D.
On November 8, 2006 following the announcement of the acquisition by Nordea Bank AB (Nordea, AA-/F1+/B/1), the leading Nordic financial institution, of a controlling stake of JSB Orgresbank, Fitch put the Bank’s ratings into Positive Rating Watchlist. This rating action reflected a higher probability of support provision to the Bank given the deal completion. According to Fitch, this deal can have a significant positive impact on JSB Orgresbank’s financial stability mainly by means of better funding and access to Nordea products and risk management system. JSB Orgresbank’s ratings will be reviewed upon the deal completion, with the possibility of an upgrade of IDR up to Investment level.