Fitch rates Moscow notes BB+

Fitch Ratings said it assigned Dresdner Bank AG's proposed loan participation notes of up to €375 million with a seven-year tenor an expected long-term foreign currency BB+ rating with a stable outlook.

The notes' proceeds will be used to fund the city of Moscow under a credit facility agreement. The liability of Dresdner Bank AG toward the note holders is limited to city of Moscow's repayment of principal and interests. This links the underlying credit risk of the notes entirely to the city of Moscow's.

The city of Moscow is rated long-term and short-term foreign currency BB+ and B, respectively with a stable outlook, and long-term local currency BB+ with a stable outlook.

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