Moody's: Nota Bank bonds B3

Moody's Investors Service said it assigned B3 long-term global local-currency debt rating to Nota Bank's RUB 1 billion senior unsecured regular bonds with maturity of 728 days.

The outlook is stable.

Any subsequent senior debt issuance by Nota Bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating.

The assigned rating is in line with the bank's global local-currency deposit rating, which maps to a baseline credit assessment of B3.

The agency said it does not incorporate any expectation of systemic or shareholder support for Nota Bank in case of need.

The ratings are constrained by the bank's narrow market franchise, material single-name concentration in the bank's loan portfolio and concerns about the quality of the bank's rapidly augmented loan book, Moody's said.

The agency noted Nota Bank's good recurring profitability supported by healthy net interest margin, solid liquidity cushion and adequate capitalization.

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