Moody's rates Locko bonds B2

Moody's Investors Service said it assigned a B2 long-term global local currency debt rating to Locko-bank's RUB 2.5 billion senior unsecured regular bonds due 2015.

The outlook is stable.

Any subsequent local-currency senior unsecured debt issuance by Locko-bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating.

The rating assigned is in line with Locko-bank's global local-currency deposit rating, Moody's said.

The ratings remain constrained by the bank's modest franchise value, the still material single-name concentration in the bank's loan portfolio and its reliance on short-term funding sources, the agency said.

Moody's noted Locko-bank's adequate corporate governance and risk management practices, which have contributed to the bank's resilient financial fundamentals during the recent financial crisis.

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