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Moody's rates ZAO Raiffeisenbank's multiple seniority LPN Programme

February 13, 2008 | Сbonds

Moscow, February 13, 2008 -- Moody's Investors Service has assigned the
following foreign currency debt ratings to the US$5 billion programme for
the issuance of Loan Participation Notes ("LPNs") by RB Russia Finance
Limited, a special purpose vehicle incorporated under the laws of Ireland,
for the sole purpose of financing senior unsecured and subordinated loans to
ZAO Raiffeisenbank:

- Baa1 long-term rating for the senior unsecured debt

- Baa2 long-term rating for the subordinated debt

- Prime-2 short-term rating.

The outlook for the ratings is stable.

According to Moody's, the Baa1 and Baa2 long-term foreign currency ratings
for the LPNs incorporate a very high probability of parental support from
the ultimate controlling shareholder, Raiffeisen International Bank-Holding
AG, a 68.5% subsidiary of Austria's Raiffeisen Zentralbank Oesterreich AG
(Aa2/Prime-1/C), in the event of distress.

Moody's notes that the underlying Loan Agreement contains a standard set of
covenants such as negative pledge, limitations on mergers, disposals,
transactions with affiliates and restricted payments. According to the
rating agency, the likelihood of any of the above covenants being breached
is relatively low.

ZAO Raiffeisenbank is required to maintain full compliance with prudential
supervision ratios and other requirements of the Central Bank of Russia.

ZAO Raiffeisenbank is headquartered in Moscow, Russia, and reported total
consolidated assets of RUB325 billion (US$13 billion) and total
shareholders' equity of RUB31 billion (US$1.3 billion) in accordance with
IFRS as at 30 September 2007

Company: Raiffeisen Bank

Full company nameCJSC «Raiffeisenbank»
Country of riskRussia
Country of registrationRussia
IndustryBanks

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