Moody's rates UkrSibbank notes Ba2

Moody's Investors Service said it assigned a Ba2 long-term foreign-currency rating to the senior unsecured loan participation notes expected to be issued on a limited-recourse basis by Ukrainian MTN Finance plc for the sole purpose of funding loans to UkrSibbank.

The agency noted that the notes may be issued in currencies other than dollars. Because dollars are the currency of the loan agreement between the issuer and UkrSibbank, the issuer will enter into currency swap agreements to protect it against adverse currency risks.

The Ba2 rating on the notes is based on UkrSibbank's fundamental credit quality, takes into account all relevant country risks and reflects Moody's view that these instruments would be less likely to be captured by a foreign-currency payments moratorium than would be the case for bank deposits, the agency said.

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