July 17. Moody’s upgraded ten Russian banks long-term ratings of deposits in foreign currency to Baa1: VTB, VTB North-West, VTB24, DeltaCredit, Rosselkhozbank, Sberbank, Vnesheconombank, Gazprombank, Bank of Moscow and Raiffeisenbank, the agency said. In addition, Moody’s has upgraded to positive outlook on A2 senior non-secured ratings on liabilities in foreign currency of VTB, VTB24 and Sberbank. This came on the heels of an upgrade of the credit rating of the Russian Federation from Baa1 to Baa2, the agency said. Moody’s has also raised the ceiling of the country rating of the Russian Federation on foreign currency deposits from Baa1 to Baa2. The ratings carry a positive outlook. The rating upgrade of the Russian Federation reflects strong balance sheet indicators, favorable debt level and the likelihood that Russian President Dmitry Medvedev will remain committed to the current policy, Moody’s noted in a press release.