S&P affirms Moscow notes

S&P said it affirmed its BB+ issue rating on the Moscow's €407 million loan participation notes.

The notes were issued by Dresdner Bank (now Commerzbank AG) on Oct. 20, 2006 with an annual coupon of 5.064% and a maturity date of Oct. 20, 2016.

The issuer used the proceeds of the notes to make a loan to the City of Moscow, which secures the notes.

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