Moody's rates Bank Petrocommerce note Ba3

Moody's Investors Service said it assigned a Ba3 rating to the loan participation notes to be issued by Petrocommerce Finance SA for the sole purpose of funding a senior unsecured loan to Russia-based Bank Petrocommerce. The loan will represent senior unsecured debt of Bank Petrocommerce and will rank pari passu with its other senior unsecured debts. The amount of the issue and its tenor have yet to be determined.

The outlook is stable.

The agency said Bank Petrocommerce and its subsidiaries must comply with a number of covenants such as negative pledge, limitations on mergers and disposals as well as on transactions with affiliates and a covenant to maintain a minimum capital adequacy ratio of 10% and that the notes will be governed by and construed in accordance with English law.

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