11 Oct 2010 14:22

Moody's assigns a Ba1 rating to TransCreditBank's senior unsecured debt

MOSCOW. Oct 11 (Interfax) -- Moody's assigns a Ba1 long-term global local currency debt rating to TransCreditBank's ("TCB") senior unsecured debt. The rating carries a Stable outlook, the agency said in a statement.

The statement said: "Any subsequent senior debt issuance by TCB will be rated at the same rating level subject to there being no material change in the bank's overall credit rating. The rating of Ba1 was assigned to the following debt instruments: RUB 5,000M Senior Unsecured Regular Bond due 2011

"RUB 3,000M Senior Unsecured Regular Bond due 2012

RUB 3,000M Senior Unsecured Regular Bond due 2013

RUB 4,0000M Senior Unsecured Regular Bond due 2014

"The assigned rating is in line with TCB's global local currency deposit rating of Ba1, which is in turn based on (i) the bank's D- BFSR (mapping to a baseline credit assessment (BCA) of Ba3); and (ii) Moody's assessment of a high probability of support in the event of need from the bank's controlling shareholder -- Russian Railways (Baa1/Stable) -- which results in a two - notch uplift from its Ba3 BCA.

"The D- BFSR is underpinned by (i) TCB's solid franchise which is supported by its relationship with Russian Railways (RR), a state railroad monopoly, (ii) its good brand recognition, (iii) reasonable liquidity management supported by good access to funding sources and (iv) reasonable financial indicators demonstrating some resilience to crisis events