Moody’s Assigns "B1" Rating to the Loan Participation Notes of Absolut Finance S.A.
OREANDA-NEWS. On March 19, 2007 Moody’s Investors Service has assigned a rating of "B1" to the Loan Participation Notes to be issued by Absolut Finance S.A., incorporated under the laws of Luxembourg, for the sole purpose of providing a loan to Absolut Bank, reported the press-centre of Absolut Bank. The amount and the tenor of the Notes have yet to be determined. The outlook for the rating is positive.
Moody’s notes that the "B1" rating assigned to the Notes is based on the fundamental credit quality of the underlying obligor, Absolut Bank, rated at "B1"/"NP"/"E+" (positive), and does not factor in any support from the bank’s shareholders or the Russian financial authorities; the rating also reflects the seniority of the notes. The bank’s obligations under the loan received from Absolut Finance S.A. will rank at least pari passu in right of payment with all other unsecured and unsubordinated obligations of Absolut Bank, except as otherwise provided by mandatory provisions of applicable law.
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