Moody's gives B3(hyb) to Tinkoff Bank perpetuals

Moody's Investors Service said it assigned a B3(hyb) rating to Tinkoff Bank's proposed perpetual callable loan participation notes denominated in U.S. dollars.

The notes are to be issued by a special purpose vehicle, TCS Finance DAC, for the sole purpose of financing a subordinated loan to Tinkoff Bank. The notes are classified as additional tier 1 capital under Russian regulation.

Moody’s said the B3(hyb) rating assigned to the notes is based on Tinkoff Bank's stand-alone creditworthiness and is positioned three notches below the bank's ba3 adjusted baseline credit assessment.

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