Fitch rates Kuznetski Capital notes BB

Fitch Ratings assigned Kuznetski Capital SA's upcoming issue of limited recourse loan participation notes an expected long-term BB rating.

The notes are to be used solely for financing a loan to Russia's Moscow Municipal Bank - Bank of Moscow (rated long-term foreign currency BB) under a loan agreement.

Kuznetski Capital will only pay noteholders amounts (principal and interest), if any, received from Bank of Moscow under the loan agreement, Fitch said. Under a trust deed, the issuer will charge to the trustee, J.P. Morgan Corporate Trustee Services Ltd., as security for its payment obligations in respect of the notes and for the benefit of noteholders, its rights as lender under the loan agreement and amounts received pursuant to the loan in an account of the issuer.

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