Fitch rates Bank of Moscow bonds BBB

Fitch Ratings said it assigned a long-term local-currency issuer default rating of BBB to Bank of Moscow, along with a long-term rating of BBB and national rating of AAA(rus) to its RUB 10 billion bond issue BO-1 due Jan. 28, 2016.

The agency also assigned expected long-term ratings of BBB and expected national ratings of AAA(rus) to registered issues of senior unsecured bonds series BO-2, BO-3, BO-4, BO-5, BO-6, BO-7.

The bank's local-currency issuer default rating is equalized with those of its parent, JSC VTB Bank, reflecting its 95.5% ownership, the high integration between parent and subsidiary and the track record of support, the agency said.

The bank's support-driven ratings will likely remain aligned with VTB Bank, Fitch said.

The bank also has a long-term foreign-currency issuer default rating of BBB, short-term issuer default rating of F3, national long-term rating of AAA(rus) and viability rating of BB-.

The outlook is negative.

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