Moody's rates Commercial Bank Renaissance notes B3

Moody's Investors Service said it assigned provisional B3 long-term foreign- and local-currency subordinated debt ratings to the $1.5 billion loan participation notes program of Commercial Bank Renaissance Capital, LLC, for the issuance of LPNs through Renaissance Consumer Funding Ltd.

The notes under the program are to be issued on a limited recourse basis for the sole purpose of financing subordinated loans to Commercial Bank Renaissance Capital.

The outlook is stable.

At the same time, Moody's assigned a B3 long-term foreign-currency debt rating to the $100 million 13Ω% LPNs due June 2018 issued under the program.

Concurrently, Moody's assigned a provisional B2 long-term local-currency debt rating to the senior notes that can be issued under the program.

Moody's said the ratings are one notch lower than Commercial Bank Renaissance Capital's B2 senior unsecured debt rating because they reflect: (a) The extent of the notes' subordination against various classes of debt; and (b) associated differences in expected loss in case of default.

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