Moody's rates UkrSibbank notes

Moody's Investors Service said it has assigned a rating of B1 to the upcoming issue of loan participation notes issued by Dresdner Bank AG on a limited-recourse basis for the sole purpose of funding a loan to UkrSibbank pursuant to a loan agreement between Dresdner Bank AG and UkrSibbank.

The notes will be denominated in U.S. dollars, and the loan represents a senior unsecured claim on the bank.

The outlook is stable.

Moody's said the rating of the notes has been placed at the B1 country ceiling for bond ratings in Ukraine, says Moody's. UkrSibbank's B2 long-term foreign currency deposit rating is constrained by the country ceiling for such deposits in Ukraine; the bank's creditworthiness on a standalone basis would imply a slightly higher rating.

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