Moody's rates MBRD notes B1

Moody's Investors Service said it assigned a rating of B1 to the loan participation notes to be issued on a limited recourse basis by Dresdner Bank AG for the sole purpose of funding a loan to Moscow Bank for Reconstruction and Development. The outlook is stable.

Moody's said the B1 rating is based on MBRD's fundamental credit quality, which factors in only a limited degree of support from the bank's majority owner, Joint Stock Financial Corporation Sistema.

Moody's added that the noteholders may choose to exercise a put option in the event that Sistema relinquishes its direct or indirect control of the bank or loses the right to appoint or remove a majority of the bank's directors.

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