Moody's rates Ukreximbank notes Ba2

Moody's Investors Service said it assigned a rating of Ba2 to the loan participation notes to be issued on a non-recourse basis by Dresdner Bank AG for the sole purpose of funding a loan to Ukrainian state-owned institution Ukreximbank.

The outlook is stable.

The amount of the placement is not expected to exceed $150 million, while the maturity of notes issued should not exceed five years.

Moody's said that the Ukreximbank debt rating pierces Ukraine's B1 foreign-currency sovereign ceiling for bonds. The Ba2 rating reflects the bank's 100% government ownership, its privileged position as a financial agent on behalf of the Ukrainian government, which entails the administration of loan agreements entered into by the Ukrainian government with various international and supranational institutions, and the important role which the bank plays in the country's economy.

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