Moody's rates Promsvyazbank notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the senior unsecured notes issued under the loan participation notes issuance program of Promsvyazbank.

The notes were issued on a limited recourse basis by PSB Finance SA for the sole purpose of funding a loan to Promsvyazbank, the agency said, adding that the outlook is stable.

According to Moody's, the total maximum size of the program is $3 billion, while the amount of the drawdown is $150 million.

The issue has a coupon rate of 10¾% and matures in 2013, while it also has an embedded three-year put option, the agency added.

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