Moody's may up UkrSibBank notes

Moody's Investors Service said it placed on review for possible upgrade the Ba3 long-term debt ratings of the two issues of loan participation notes issued by Dresdner Bank AG (due in 2007) and Bayerische Hypo- und Vereinsbank AG (due in 2008) on a limited-recourse basis for the sole purpose of funding a loan to Ukrainian institution UkrSibBank.

Moody's also affirmed UkrSibBank's B2 long-term foreign currency deposit rating, as it remains constrained by Ukraine's B2 country ceiling for such deposits, and the E+ financial strength rating.

The outlook on the affirmed ratings is stable.

The review for possible upgrade has been prompted by the recent announcement that BNP-Paribas (Aa2/P-1/B+) has signed a letter of exclusivity to acquire 51% of UkrSibBank. The sale will take the form of a sale of existing shares and is expected to be finalized by the end of the first quarter 2006.

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