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Moody's rates Savings Bank of Ukraine bond issue at Ba2; Positive outlook

January 09, 2008 | Сbonds

Moscow, January 09, 2008 -- Moody's Investors Service has assigned a Ba2
long-term foreign currency rating to Loan Participation Notes to be issued
on a limited recourse basis by Credit Suisse International for the sole
purpose of funding a loan to Savings Bank of Ukraine ("Savings Bank"), The
outlook for the rating is positive.

The holders of the notes will be relying for repayment solely and
exclusively on the ability of Savings Bank to make payments under the loan

Moody's rating is based on Savings Bank's Baa2 Global Local Currency rating,
which imputes a full systemic support that can be expected to be provided to
Savings Bank, as a fully government-owned bank, in the event of distress.

The rating also reflects the probability of a sovereign default implied by
Ukraine's B1 (positive outlook) foreign currency bond rating, and the
likelihood that in the event of default the Ukrainian government could
impose moratorium on foreign currency obligations.

The rating of the notes has pierced Ukraine's Ba3 (positive outlook) foreign
currency sovereign ceiling for bonds.

According to Moody's, the obligations of Savings Bank to make payments under
the loan agreement will rank at all times at least pari-passu with the
claims of all other unsubordinated creditors of the borrower.

The underlying loan agreement contains a set of covenants such as negative
pledge, limitation on mergers and disposals as well as on transactions with
Savings Bank's affiliates. The transaction also has an embedded put option
whereby the Loan Participation Notes may become payable in the event of
change of control.

Headquartered in Kiev, Ukraine, Savings Bank of Ukraine reported total
assets and shareholders' equity of US$2.2 billion and US$285 million,
respectively, under IFRS (audited) as at the end of December 2006.

Società: Oschadbank

Nome completo della societàJoint Stock Company "State Savings Bank of Ukraine"
Paese di registrazioneUkraine


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