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 Ratings  
  18 Jun 2004  S&P revises outlook on Kazakhtelecom rating to positive
  15 Jun 2004  S&P raises long-term rtg on TransCreditBank to `B-`
  15 Jun 2004  S&P RAISES LONG-TERM RTG ON TRANSCREDITBANK TO `B-`
  11 Jun 2004  S&P ASSIGNS `RUA+` NATIONAL SCALE RTG TO FEDERAL GRID CO.
  11 Jun 2004  CBR expands Lombard list with regional bonds
  09 Jun 2004  Russian Railways to receive credit rating by mid-July
  08 Jun 2004  Russian Railways expects credit rating by end of summer
  08 Jun 2004  MOODY`S ASSIGNS E+/B1/NP RATINGS TO PROMSVYAZBANK
  08 Jun 2004  Fitch downgrades Russia`s Credittrust bank
  07 Jun 2004  Moody`s Becomes Majority Shareholder in Interfax Rating Agency
  07 Jun 2004  Bond market apathy continues; The dollar once again gains strength
  07 Jun 2004  Moody`s assigns E+/B1/NP ratings to Promsvyazbank
  07 Jun 2004  Interfax Rating Agency to benefit from deal with MoodyTs
  07 Jun 2004  S&P assigns `B` ratings to Russian Federal Grid Co.
  07 Jun 2004  MOODY`S BECOMES MAJORITY SHAREHOLDER IN INTERFAX RATING AGENCY;
  04 Jun 2004  Russian Railways expects credit rating by end of June
  04 Jun 2004  Fitch downgrades Credittrust to `CC`
  03 Jun 2004  S&P RATES BASHKORTOSTAN`S SENIOR UNSECURED BOND `BB-`
  03 Jun 2004  S&P rates Bashkortostan`s senior unsecured bond `BB-`
  02 Jun 2004  RUSSIA HOPES FOR FURTHER CREDIT RATING UPGRADE - PM

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