Moody's rates Eurasia Capital notes Ba3

Moody's Investors Service said it assigned a rating of Ba3 to the $150 million 9 1/8% loan participation notes due 2008 issued by Eurasia Capital SA.

The notes are used for the sole purpose of financing a fiduciary deposit with J.P. Morgan Bank Luxembourg SA pursuant to an agreement. The deposit is applied by J.P. Morgan Bank Luxembourg SA for the sole purpose of making a loan to Home Credit & Finance Bank LLC, a bank established under the laws of the Russian Federation.

Moody's said the Ba3 rating of the notes is based primarily on the strength of the structure and the protection furnished to holders of the notes by certain early amortization events and the ability of HCFB, the ultimate obligor in respect of payments under the notes, to make timely payments of interest and ultimate payment of principal on the loan.

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