Moody's rates Petrocommerce notes Ba3

Moody's Investors Service said it assigned a Ba3 long-term rating to Russia-based Petrocommerce Bank's upcoming drawdown under Petrocommerce Invest SA's $750 million euro medium-term note program, which is also rated Ba3. The exact amount of the drawdown has yet to be determined.

The outlook is stable.

Moody's said the ratings are based on the fundamental credit quality of Petrocommerce Bank, key features of the notes, which will constitute senior unsecured obligations of the bank, and the fact that Petrocommerce Bank's senior unsecured debt issued under foreign law has only uncertain support from the bank's shareholders in the event of need. Support from the Russian financial authorities is unlikely, the agency said.

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