Moody's rates TransCreditBank bonds Ba1

Moody's Investors Service said it assigned a Ba1 long-term global local-currency debt rating to TransCreditBank's senior unsecured debt. The debt includes a RUB 5 billion senior unsecured regular bond due 2011; RUB 3 billion senior unsecured regular bond due 2012; RUB 3 billion senior unsecured regular bond due 2013; and RUB 4 billion senior unsecured regular bond due 2014.

The outlook is stable.

Any subsequent senior debt issuance by the bank will be rated at the same rating level subject to there being no material change in the bank's overall credit rating, Moody's said.

The ratings are in line with the bank's global local-currency deposit rating of Ba1, which is in turn based on the bank's D- bank financial strength rating.

The ratings are underpinned by the bank's solid franchise and its relationship with Russian Railways, along with good brand recognition and reasonable liquidity, the agency said.

The ratings are constrained by still insufficient diversification of the client base and the resulting high dependence on a single client, Moody's added.

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