Moody's rates ICB notes Ba3

Moody's Investors Service said it assigned a rating of Ba3 (stable) to the loan participation notes to be issued on a limited recourse basis by Or-ICB SA for the sole purpose of financing a loan to Industry & Construction Bank (ICB) of Russia.

According to Moody's, the Ba3 debt rating is placed at the level of ICB's foreign currency deposits rating.

Moody's also noted that, according to the terms of the program, ICB will have to comply with a number of covenants such as a negative pledge, a limitation on mergers - other than in connection with any VTB acquisition - as well as restrictions on distributions from subsidiaries.

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