Fitch rates Bank of Moscow notes BB

Fitch Ratings said it assigned Kuznetski Capital SA's $250 million limited recourse 8% loan participation notes due 2009 a final long-term BB rating. The notes have been issued solely for financing a loan to Bank of Moscow (rated long-term foreign currency BB) under a loan agreement.

Fitch said the city and associated organizations are a substantial source of, at times cheap, funds for the bank.

Likewise, Fitch said lending to the city or to parties closely related to the city and its leading players constitutes a significant element of the bank's business.

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