Moody’s assigns Sovcombank notes Ba2

Moody’s Investors Service said it assigned a Ba2 senior unsecured debt rating to the loan participation notes to be sold by SovCom Capital DAC, a special purpose vehicle, for the sole purpose of financing a senior unsecured loan to Sovcombank PJSC. The maturity, the size and the pricing of the notes are subject to prevailing market conditions during placement.

“The Ba2 rating assigned to the notes is the same as Sovcombank’s long-term local currency deposit rating and in line with the bank’s adjusted baseline credit assessment (BCA). The rating for the LPNs is based on the fundamental credit quality of Sovcombank, the ultimate obligor under the transaction,” Moody’s said in a press release.

The outlook is stable.

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