Business Services Industry

UKRAINE: MOODY'S RATES BANK FINANCE AND CREDIT'S NOTES AT B2.

IPR Strategic Business Information Database, October, 2006

Moody's Investors Service, Inc. (Moody's) has assigned a rating of B2 to the Loan Participation Notes to be issued on a limited recourse basis by a Dutch-based special purpose vehicle Finance & Credit Ukraine B.V. for the sole purpose of funding a loan from Moscow Narodny Bank Limited (Baa2/Prime-2/D ) to Ukrainian Bank Finance and Credit Ltd.

(B2/Not-Prime/E ). The volume and the tenor of the issue have yet to be determined. The outlook for the rating is stable. Moody's B2 long-term foreign currency debt rating is based on the fundamental credit quality of Bank Finance and Credit as an underlying borrower. The loan to the bank, which is the only source of repayment for the notes, will rank at least pari passu with the claims of all of Bank Finance and...

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