Moody's rates Promsvyazbank notes B1

Moody's Investors Service said it assigned a rating of B1 (stable) to the loan participation notes to be issued on a limited recourse basis by Promsvyaz Finance plc, an Irish-based orphan special purpose entity, for the sole purpose of financing a loan to Promsvyazbank of Russia.

The notes will be denominated in dollars, and the loan will represent a senior unsecured claim on the bank. The estimated amount of the issue is $150 million.

The outlook is stable.

Moody's noted that the B1 senior unsecured debt rating is based on the bank's fundamental credit quality and is placed at the level of Promsvyazbank's foreign currency deposit rating.

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