Fitch rates MBRD notes B

Fitch Ratings said it assigned Dresdner Bank Aktiengesellschaft's upcoming issue of limited recourse loan participation notes an expected long-term B rating.

The notes are to be used solely for financing a loan to Russia's Moscow Bank for Reconstruction and Development.

MBRD is rated long-term B, short-term B, individual D/E, support 4 and national long-term rating BBB-(rus).

The loan agreement contains a negative pledge clause, which allows for a degree of securitization by MBRD. Were such securitization to be undertaken, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.