08/17/1998 14:54:51 Fitch IBCA cuts Russia's Sberbank <SBER.RTS>l-term

(The ratings agency issued the following statement) LONDON, Aug 17 - Fitch IBCA, the international rating agency, has downgraded the Long-term rating of the Savings Bank of the Russian Federation (Sberbank) from BB minus to B minus; it remains on RatingAlert negative. At the same time, the bank's short-term rating of B has been placed on RatingAlert negative. The rating actions follow the agency's announcement earlier today of a downgrade of the Russian Federation's Long-term rating from BB minus to B minus and the placing of both this and the country's short-term rating of B on RatingAlert negative. Hence the bank continues to be rated at the sovereign ceiling. Sberbank's Individual rating of D/E remains on RatingAlert negative and its support rating of '2T' is unchanged.