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Fitch Rates Bank of Moscow's RUB10bn Senior Bond at 'AA+(rus)'

February 08, 2008 | Сbonds

Fitch Ratings-London/Moscow-8 February 2008: Fitch Ratings has today assigned Bank of Moscow’s (BOM) RUB10bn senior bond due February 2013 a National Long-term 'AA+(rus)' rating. BOM is rated Long-term Issuer Default (IDR) 'BBB' with a Stable Outlook, Short-term IDR 'F3', Support '2', Individual 'D' and National Long-term 'AA+(rus)' with a Stable Outlook.

The terms of the issue provide a yearly put option to bondholders. The bank's obligations under the issue will rank at least equally with the claims of other senior unsecured creditors of BOM, except those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H107, retail deposits accounted for 27% of BOM's total liabilities, according to the bank's International Financial Reporting Standards (IFRS) audited accounts.

BOM was established in 1995 and is now one of Russia's five largest banks in terms of assets. A significant share of BOM's business is concentrated in the City of Moscow; however, focus has been given to regional development. The City of Moscow currently owns 44% of BOM directly and controls 15% through Moscow Insurance Company (Insurer Financial Strength ‘BB’/Outlook Stable). The latter is owned by the recently founded Capital Insurance Group, in which the city and BOM have stakes of 25% plus one share and 25%, respectively.

Issue: BM-Bank, 02

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedRussia02/01/201310,000,000,000 RUBWithdrawn/-/BBB-

Company: BM-Bank

Full company nameBM-Bank (Public Joint Stock Company)
Country of riskRussia
Country of registrationRussia
IndustryBanks

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