Moody's rates Credit Europe Bank Russia notes Ba3

Moody's Investors Service said it assigned a Ba3 long-term foreign-currency debt rating to the loan participation notes issued on a limited-recourse basis by CEB Capital SA, a special purpose vehicle incorporated under the laws of Luxembourg, for the purpose of financing a senior unsecured loan to Credit Europe Bank Ltd., Russia.

The notes are dollar-denominated in the amount of $150 million, carry 9% coupon rate and have a maturity of three years.

The rating on the notes is on review for the possible downgrade, in line with the review for possible downgrade of the bank's long-term foreign-currency deposit rating, the agency said.

The ratings remain on review for possible further downgrade because the ratings of the Russian bank could be negatively affected by a possible downgrade of the rating of its parent, Credit Europe Bank NV, which has ratings of D and Ba2 on review for downgrade.

Further weakening of the Russian bank's stand-alone financial profile may negatively affect its deposit and debt ratings, the agency 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.