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 euro-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.

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

The proceeds will be used for general banking purposes.

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

The rating factors in potential weakness in asset quality, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.