The international rating agency Fitch Ratings Ltd. has upgraded international and national rating of Petersburg Social Commercial Bank (PSCB) on 25 June 2008 as follows: Foreign currency Issuer Default Rating (IDR) upgraded to 'B-' from 'CCC'; Short-term IDR upgraded to 'B' from 'C'; National rating upgraded to ‘BB-’ from ‘B’. The Outlooks for the Long-term IDR and National Long-term rating remain Stable. In addition, Fitch Ratings Ltd. has affirmed the other ratings of PSCB.

Upgrade of the international and national ratings of PSCB contributes to improvement of transparency and openness of the Bank towards foreign and the Russian investors, intensification of the Bank’s international business connections and raise of long-term funding and credit facilities from foreign lenders at more favorable conditions, and this also evidences increase of the Bank’s reliability.

On Friday, 22 August 2008, the international rating agency Moody's Investors Service has assigned the following global and national scale credit ratings to Petersburg Social Commercial Bank OJSC: B3 long-term and Not Prime short-term foreign and local currency deposit ratings and an E+ bank financial strength rating (BFSR). The outlook for all ratings is stable. At the same time, Moody's Interfax Rating Agency has assigned a Baa3.ru long-term national scale credit rating (NSR) to PSCB. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency.

According to Moody's, if the bank succeeds in growing its market shares and shifting its liquidity profile towards more long-term sources of funding, its local currency deposit rating could potentially be upgraded provided the current good asset quality, adequate capitalization levels and acceptable profitability are maintained.