Fitch Assigns VTB Bank (Armenia) Local Currency Ratings

RIA OREANDA
Economic News
November 11, 2006 Saturday

Fitch Assigns VTB Bank (Armenia) Local Currency Ratings

Moscow. OREANDA-NEWS. Fitch Ratings has today assigned VTB Bank
(Armenia) ("VTBA") local currency ratings of Issuer Default ‘BB’ and
Short-term ‘B’. The Outlook is Stable.

The assigned ratings are aligned with the bank’s foreign currency
Issuer Default ‘BB’ and Short-term ‘B’ ratings.

The local currency ratings reflect the moderate probability of
support being forthcoming, if required, from VTBA’s majority
shareholder, Russia’s Vneshtorgbank ("VTB", Issuer Default ‘BBB+’),
but also take into account Armenian country risks.