Limassol, November 20, 2015 -- Moody's Investors Service has today upgraded RCB Bank Ltd's deposit ratings to B3 from Caa1. The upgrade of the deposit ratings is driven solely by the upgrade of the bank's baseline credit assessment (BCA) to b3 from caa1. While RCB Bank remains highly reliant on its largest shareholder, the Russian government-owned Bank VTB, JSC (long-term foreign currency deposit rating: Ba2 negative, BCA:b1), to generate business volumes, the reduction of Bank VTB's ownership in 2014 lead Moody's to no longer incorporate affiliate support uplift in RCB Bank's ratings. The outlook on the long term deposit ratings is stable.

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