S&P rates B&N Bank notes B-

Standard & Poor's said it assigned a B- long-term rating to the $150 million loan participation notes issued by B&N Bonds DAC, a related Ireland-based special-purpose vehicle of Russian B&N Bank.

The notes will be issued for the sole purpose of financing a loan to B&N Bank, S&P said.

The proceeds will be used for general corporate purposes.

The obligations under the loan will rank at least pari passu with all of B&N Bank's other direct, unconditional, unsecured and unsubordinated debt, S&P said.

The ratings on the bonds were equalized with the ratings on the bank, the agency said.

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