Moody's rates Renaissance Securities notes Ba3

Moody's Investors Service said it assigned Ba3 foreign currency debt rating to the senior unsecured index-linked notes to be issued by Renaissance Securities Trading Ltd., a special purpose vehicle wholly owned by Renaissance Capital Holdings Ltd., under the $1 billion euro medium-term note program.

The outlook is stable.

Payments under the notes, as calculated in accordance with a predetermined formula, will be unconditionally and irrevocably guaranteed by the holdings company, the agency said, adding that the obligations under the guarantee will constitute direct unconditional and unsecured obligations of the company and will rank pari-passu with all of its other unsecured and unsubordinated obligations save for those claims that are preferred by any relevant law.

Payments on the index-linked notes will be linked to the level of the Russian Trading System Index and will be calculated in accordance with a predetermined formula, Moody's said, noting that its Ba3 rating expresses an opinion in respect of ability to meet the contract as stated, regardless of the potential losses to investors as a result of non-credit developments such as the value of the Russian Trading System Index at any time in the future.

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