London, 09 July 2013 -- Moody's Investors Service has today downgraded the subordinated debt ratings of Alfa-Bank (to Ba3 from Ba2), Bank of Moscow (to B1 from Ba3) and Gazprombank (to Ba3 from Ba1). These rating actions conclude the review for downgrade initiated on 2 April 2013, and are mainly driven by Moody's reassessment of the level of systemic support for subordinated instruments. The outlook on these ratings is stable.

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