Fitch rates Bank of Moscow notes BB+

Fitch Ratings said it assigned Kuznetski Capital SA's upcoming issue of limited recourse loan participation notes an expected long-term BB+ rating.

The notes are to be used solely for financing a loan to Russia's Bank of Moscow (rated long-term foreign currency BB+, short-term B, support 3 and individual D).

The loan agreement contains a negative pledge clause, which allows for a degree of securitization by Bank of Moscow.

Were such a deal to be undertaken, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors.

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