Business Services Industry
RUSSIA: MOODY'S ASSIGNS BA3 RATING TO PROMSVYAZBANK'S LOAN PARTICIPATION NOTES.
IPR Strategic Business Information Database, October, 2006
Moody's Investors Service has today assigned a Ba3 foreign currency debt rating to the Loan Participation Notes to be issued on a limited recourse basis by PSB Finance S.A. for the sole purpose of funding a loan to Promsvyazbank. The outlook for the rating is stable. Moody's Ba3 debt rating is based on the fundamental credit quality of Promsvyazbank.
The holders of the notes will be relying for repayment solely and exclusively on the ability of Promsvyazbank to make payments under the loan agreement. Moody's notes that Promsvyazbank's obligations under the loan agreement will rank at all times at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, save for those claims that are preferred by any relevant law....
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