Moody’s gives Baa3 to ING Bank Eurasia debt

Moody's Investors Service said it assigned a Baa3 long-term global scale local currency senior unsecured debt rating to ING Bank Eurasia (IBE).

The outlook is negative.

Any subsequent local currency senior unsecured debt issuance by the bank will be rated at the same rating level, subject to there being no material change to the bank's overall credit profile.

The Baa3 rating was also assigned to RUB 5 billion senior unsecured regular bond series BO-01 maturing on March 30, 2021.

The assigned ratings are in line with ING Bank Eurasia’s global scale local currency deposit rating, reflecting the agency’s assessment of a very high probability of affiliate support from the bank's controlling shareholder, ING Bank NV (deposit ratings A1 stable; baseline credit assessment of baa1).

The very high affiliate support is based on the bank's importance for the ING Group due to its close integration with the parent. This assessment results in a three-notch uplift from ING Bank Eurasia's ba3 baseline credit assessment, Moody’s said.

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