Moody's assigns Tatfondbank LPNs B3

Moody's Investors Service said it assigned a provisional B3 long-term foreign-currency senior unsecured debt rating to the loan participation notes to be issued on a limited recourse basis by TFB Finance Ltd. for the sole purpose of financing a loan to Russia-based Tatfondbank.

Moody's said the rating is in line with Tatfondbank's global foreign-currency deposit rating, which is, in turn, based on (a) the bank's standalone E bank financial strength rating, equivalent to a baseline credit assessment of caa1; and (b) Moody's assessment of a low probability of support from the government of the Republic of Tatarstan (Baa3 stable), which results in a one-notch uplift above bank's baseline credit assessment.

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