Moody's rates TransCreditBank program Ba1

Moody's Investors Service said it assigned provisional Ba1/not-prime long- and short-term foreign-currency and global local-currency senior debt ratings and provisional Ba2 long-term foreign- and local-currency subordinated debt ratings to the $2 billion notes program of TransCreditBank for the issuance of loan participation notes, through Transcredit Finance plc.

The outlook is stable.

The ratings reflect the status of the bank's obligations under the senior loan that will rank at least pari passu with all other unsecured and unsubordinated obligations, the agency said.

The ratings are underpinned by the bank's solid franchise, good brand recognition and reasonable liquidity management, Moody's added.

The ratings are constrained by still insufficient diversification of the client base and the resulting high dependence on a single client, industry and related party, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.