Moody's rates MDM Bank notes Ba2

Moody's Investors Service said it assigned a Ba2 long-term global local-currency debt rating to MDM Bank's senior unsecured debt, including its RUB 3 billion senior unsecured regular bonds due 2011, RUB 5 billion senior unsecured regular bonds due 2012 and RUB 6.2 billion senior unsecured regular bonds due 2015.

The outlook is stable.

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

The assigned rating is in line with MDM Bank's global local-currency deposit rating of Ba2, the agency said.

The rating is underpinned by the bank's positioning among the leading Russian financial institutions, its diversified business profile with expertise in both corporate and retail banking, widespread distribution network, sound corporate governance and risk management practices, Moody's said.

The rating is constrained by the challenging macroeconomic environment in Russia and globally, which particularly heighten credit risk for the bank, the agency said.

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