Moody's rates Trust Investment Bank note B1

Moody's Investors Service said it assigned a B1 rating to the loan participation notes to be issued on a limited recourse basis by TIB Finance plc. for the sole purpose of funding a loan to Russia-based Trust Investment Bank. The outlook is stable.

Noteholders will be reliant for repayment solely and exclusively on Trust Investment Bank's ability to make payments under the loan agreement. The obligations of Trust Investment Bank to make payments under the loan agreement will rank at all times at least pari-passu with the claims of all other unsubordinated creditors of the borrower, save for those claims that are preferred by any relevant law. The loan agreement contains a cross-acceleration clause as well as covenants that limit mergers, disposals and transactions with affiliates.

According to Moody's, the notes might be eligible for early redemption by the noteholders in the event of a change of control over the TIB Holdings Ltd. and ZAO Trust Management, holding companies which control Trust Investment Bank.

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