Fitch rates Credit Bank of Moscow bonds BB-

Fitch Ratings said it assigned an expected BB- rating to CBOM Finance plc's (Ireland) upcoming issue of dollar-denominated senior unsecured bonds.

CBOM Finance, an Irish special purpose vehicle issuing the bonds, will be on-lending the proceeds to Russia's Credit Bank of Moscow, Fitch said.

The issue size and the coupon rate are yet to be determined, while the tenor is expected to be five-to six-years.

The proceeds will be used for general banking purposes, the agency said.

The expected rating is in line with the bank's long-term issuer default rating of BB- as the notes will represent unconditional, senior unsecured obligations of the bank, Fitch said.

The bank's issuer default ratings are one notch higher than the bank's B+ viability rating, reflecting the lower risk of default on senior obligations, the agency said.

This is due to the large volume of junior debt, Fitch said.

The ratings also reflect the bank's relatively big franchise, strong pre-impairment profitability, decent core capitalization and comfortable liquidity and funding profile, the agency said.

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