Moody's boosts Industry & Construction Bank

Moody's Investors Service said it upgraded the long-term foreign currency bank deposit rating of Industry & Construction Bank (ICB) to Ba1 from Ba3 and the bank's senior unsecured foreign currency debt rating to Ba1 from Ba3 and has assigned a Ba2 rating to the upcoming issue of subordinated notes via the bank's orphan SPV, Or-ICB SA.

At the same time, Moody's said its Interfax Rating Agency has upgraded the long-term national scale credit rating of ICB to Aa1(ru) from Aa3(ru).

The agency noted the actions reflect the changed perception of support from one of the bank's main shareholders, Vneshtorgbank, rated at the country ceiling for Russia - Ba1 (on review for possible upgrade)/Not-Prime (on review for possible upgrade)/D- (stable), which owns a blocking equity stake in ICB and holds an option which confers a right to raise its shareholding in the bank to a controlling one.

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