Moody's assigns Promsvyazbank notes Ba3

Moody's Investors Service said it has assigned a Ba3 rating to the subordinated notes issued under the loan participation notes issuance program of Promsvyazbank.

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

The outlook is negative.

According to Moody's, the total maximum size of the program is $3 billion, while the amount of the drawdown is $200 million.

Moody's noted that the one-notch differential between this rating and Promsvyazbank's Ba2 global local currency deposit rating represents the level of subordination of the notes, which are ranked junior to senior creditors and pari passu among themselves.

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