Moody's rates KOKS notes B3

Moody's Investors Service said it assigned a provisional B3 rating to the proposed dollar-denominated loan participation notes to be issued by KOKS Finance Ltd. for the purpose of financing a loan to OAO KOKS.

The proceeds from the issuance will be on-lent by KOKS Finance to KOKS. The noteholders will be relying solely on KOKS's credit quality to repay the debt.

The assigned rating is based on the assumption that these guarantees would be issued without delay, the agency said. The B3 rating and loss-given default assessment of LGD4 reflect the credit quality of the KOKS group with a B2 corporate family rating and the subordination of the loans and consequently of the notes to about RUR 9.5 billion secured debt.

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