TEX-S&P on Russia's National Factoring Co

(The following statement was released by the rating agency)

Feb 4 - Standard & Poor's Ratings Services said today that it revised its
outlook on Russian bank National Factoring Company (NFC) to positive from
stable. At the same time, the Russia national scale rating was raised to
'ruBBB+' from 'ruBBB'. At the same time, the 'B-' long-term and 'C' short-term
counterparty credit ratings were affirmed.

"The outlook revision and national scale upgrade reflect the bank's
ongoing improving diversification of clientele, products, and geographic
presence," said Standard & Poor's credit analyst Elena Romanova.

NFC's continuing to build a longer track record of adequate
capitalization and asset quality also benefits the outlook. Moreover the
bank's improving risk management function is strengthening risk control and
enhancing the risk-reward balance.

The ratings reflect NFC's limited business and customer profile, a
concentrated, vulnerable short-term funding base; earnings, challenged by
squeezing interest margins and higher network costs; and its relatively small
asset size in both the Russian and global context.

Supporting the ratings are NFC's well-recognized brand and good market
position in the fast-developing, niche factoring sector; focused strategy,
with a committed, experienced management team; adequate capitalization and
asset quality; and improving diversification of clientele, products, and
geographic presence.

"We expect NFC to expand its business in line with its strategic
objectives, while further diversifying its business profile and maintaining
adequate capitalization and asset quality," said Ms. Romanova.

The ratings already incorporate funding and customer diversification in
the medium term; hence, any potential upgrade depends on NFC's ability to
strengthen its stand-alone credit and funding profile and continue to build a
track record of adequate capitalization, asset quality, and profitability.

The ratings could be lowered or the outlook revised back to stable, or
even negative, if NFC's growth slows, or if its financial and credit profile
markedly deteriorates. The ratings or outlook could also come under pressure
if market conditions worsen, leading to a decline in core performance and an
accumulation of risks in the factoring portfolio.

Ratings information is available to subscribers of RatingsDirect, the
real-time Web-based source for Standard & Poor's credit ratings, research, and
risk analysis, at www.ratingsdirect.com. It can also be found on Standard &
Poor's public Web site at www.standardandpoors.com; select your preferred
country or region, then Ratings in the left navigation bar, followed by Credit
Ratings Search. Alternatively, call one of the following Standard & Poor's
numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline
(44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4017. Members of the media
may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.
(New York Ratings Team)