Moody's rates SibAcademBank note B2

Moody's Investors Service said it assigned a B2 long-term foreign-currency rating to the $130 million 12% subordinated loan participation notes due 2011 issued on a limited-recourse basis by special-purpose vehicle Sibacademfinance plc for the sole purpose of financing a subordinated loan to Russia-based SibAcademBank.

The outlook is positive.

The agency said the rating is based on SibAcademBank's fundamental credit quality as the ultimate obligor under the transaction. The rating does not incorporate any outside support from the bank's shareholders in the event of distress, although such support cannot be ruled out.

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