Fitch rates Credit Bank of Moscow bonds BB

Fitch Ratings said it assigned Credit Bank of Moscow’s upcoming euro-denominated senior unsecured bonds an expected BB rating. The issue size is yet to be determined, while the tenor is expected to be five years.

“The expected rating is in line with CBM’s long-term issuer default rating (IDR) of BB, as the notes will represent unconditional, senior unsecured obligations of the bank,” Fitch said in a press release.

The bonds will be issued by the bank’s special purpose vehicle CBOM Finance plc, which will lend the proceeds to the bank.

Proceeds from the issue are expected to be used for general banking purposes.

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