Moody's rates Promsvyazbank note B1

Moody's Investors Service said it assigned a B1 foreign-currency debt rating to the loan participation notes to be issued on a limited recourse basis by PSB Finance SA for the sole purpose of funding a subordinated loan to Russia-based Promsvyazbank.

The outlook is stable.

The agency said the rating is based on the fundamental credit quality of Promsvyazbank. Noteholders will rely for repayment solely and exclusively on the ability of Promsvyazbank to make payments under the loan agreement. Promsvyazbank's obligations under the subordinated loan agreement will rank junior to the claims of senior creditors, at least pari-passu with the claims of all other subordinated creditors of the bank and senior to the claims of holders of share capital.

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