E+ BFSR affirmed with stable outlook.

Moscow, November 03, 2009 -- Moody's Investors Service has today placed on
review for possible upgrade the following ratings of Moscow Bank for
Reconstruction and Development (MBRD): the bank's long-term local and
foreign currency deposit ratings of B2 and its subordinate debt rating of
B3. At the same time, Moody's affirmed the bank's financial strength rating
(BFSR) of E+ with stable outlook. The bank's short-term local and foreign
currency deposit ratings of Not Prime were also affirmed.

The placement of MBRD's deposit and debt ratings on review for possible
upgrade was triggered by Moody's recent rating action for MBRD's parent
- JSFC Sistema (Sistema) -- whereby on 26 October 2009 the rating agency
placed on review for possible upgrade Sistema's B1 corporate family and
senior unsecured ratings. (See separate press release on this rating action
on moodys.com.)

Moody's believes that there is high probability of parental support from
Sistema to MBRD, in case of need, as well as a high degree of
interdependence between the parent and the subsidiary, as evidenced by deep
involvement of MBRD in providing financial services to Sistema companies and
its high reliance on inflow of funding from the related parties. As a result
of these assumptions, the potential upgrade of the parent's rating could
exert upward pressure on MBRD's deposit ratings and could lead to an upgrade
of the bank's ratings in accordance with Moody's Joint-Default Analysis
(JDA) Methodology.

Moody's previous rating action on MBRD was on 28 April 2009 when the rating
agency downgraded the bank's long-term local and foreign currency deposit
and senior unsecured debt ratings to B2 (negative outlook) from B1, while
its subordinate debt rating was also downgraded to B3 (negative
outlook) from B2. The senior unsecured debt rated by Moody's matured in June
2009.

The principal methodology used in rating MBRD are Moody's "Bank Financial
Strength Ratings: Global Methodology", published in February 2007, and
"Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A
Refined Methodology", published in March 2007, which are available on
www.moodys.com in the Rating Methodologies sub-directory under the Research
& Ratings tab. Other methodologies and factors that may have been considered
in the process of rating this issuer can also be found in the Rating
Methodologies sub-directory on Moody's website.

Domiciled in Moscow, Russia, MBRD reported -- as at 1 January 2009 -- total
IFRS assets of USD5.67 billion (2007: USD5.01 billion) and total
shareholders' equity of USD470 million (YE2007: USD303 million). Net income
in 2008 plunged to USD3.7 million from USD41.0 million a year before.