Moody's rates Vneshprombank bonds B2

Moody's Investors Service said it assigned a B2/not-prime long- and short-term global local-currency deposit ratings and a B2 long-term global local-currency senior unsecured debt rating to Vneshprombank.

The agency also said it assigned B2 ratings on its RUB1.5 billion senior unsecured regular bond due Nov. 14, 2012 and RUB 3 billion senior unsecured regular bond due Nov. 30, 2013.

The outlook is stable.

Any subsequent senior debt issuance by Vneshprombank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating, Moody's said.

The ratings are in line with the bank's baseline credit assessment of B2, and do not incorporate any expectation of systemic or shareholder support for Vneshprombank in case of need, the agency said.

The ratings are constrained by the absence of significant franchise diversification due to the peculiar characteristics of the boutique model, which results in significant levels of concentration on both sides of the balance sheet, Moody's said.

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