Moody's rates Bank of Moscow bond Baa1

Moody's Investors Service said it assigned a Baa1 long-term global local-currency debt rating to Bank of Moscow's senior unsecured debt, including a RUB 10 billion senior unsecured regular bond due 2013 and RUB 10 billion senior unsecured regular bond due 2011.

The outlook is negative.

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

The agency noted the bank's global local-currency deposit rating of Baa1, which in turn incorporates a baseline credit assessment of Ba2, high probability of support in case of need from the City of Moscow and high probability of systemic support.

The ratings also reflect the bank's relatively good diversification by business lines, products and wide regional distribution network, Moody's said.

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