Moody's assigns (P)B3 rating to Commercial Bank Renaissance Capital's LPN programme; outlook stable

February 01, 2013 - Moody's Investors Service


London, 01 February 2013 -- Moody's Investors Service has today assigned provisional (P)B3 (stable outlook) long-term foreign- and local-currency subordinated debt ratings to the $1.5 billion loan participation notes (LPN) programme of Commercial Bank Renaissance Capital, LLC, for the issuance of LPNs through Renaissance Consumer Funding Limited -- an Ireland-based special purpose vehicle. The notes under the programme are to be issued on a limited recourse basis for the sole purpose of financing subordinated loans to Commercial Bank Renaissance Capital. The outlook on the subordinated debt ratings is stable. At the same time, Moody's assigns a B3 (stable outlook) long-term foreign-currency debt rating to the $100 million 13.5% LPNs due June 2018 issued under the above mentioned programme. Concurrently, Moody's assigns a (P)B2 (stable outlook) long-term local-currency debt rating to the senior notes that can be issued under this programme. Moody's already rates at (P)B2 Commercial Bank Renaissance Capital's foreign-currency senior notes that can be issued under this programme. RATINGS RATIONALE Moody's says that the (P)B3 ratings assigned to Commercial Bank Renaissance Capital's subordinated notes to be issued under the LPN programme, and the B3 rating assigned to the $100 million 13.5% LPNs, are one notch lower than Commercial Bank Renaissance Capital's B2 senior unsecured debt rating because they reflect (1) the extent of the notes' subordination against various classes of debt, and (2) associated differences in expected loss in case of default. Moody's states that if Commercial Bank Renaissance Capital were to issue notes under the programme containing features that enhance its subordination and/or debts with other special features, the ratings will be assessed individually and may not correspond to the ratings currently assigned to the programme. PRINCIPAL METHODOLOGIES The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on for a copy of this methodology. Headquartered in Moscow, Russia, Commercial Bank Renaissance Capital reported total assets of $1.9 billion and net income of $83 million, according to audited IFRS at YE2011.
Issuer, issue numberRenaissance Credit Bank, 13.5% 21jun2018, USD
Type of debt instrumentInternational bonds
Issue statusoutstanding
Type of placementPublic
Par, currency of issueUSD 200,000
Start of placement12/21/2012
End of placement02/12/2013
Initial issue price100
Yield at pricing13.5
Coupon frequency2 time(s) per year
Settlement date12/21/2012
Maturity date06/21/2018
Issue ManagersBookrunner: Goldman Sachs Legal adviser to the issuer: Arthur Cox, Clifford Chance Legal adviser to the arrangers: Linklaters Paying agent: Citibank NA (London) Trustee: Citibank NA (London)
Trading floorMoscow Exchange, XS0869792928, Irish S.E.
Issuer: Renaissance Credit Bank
Issuer profile:
Commercial bank “Renaissance Capital” (Limited liability company), (Bank of Russia licenses No.3354) has operated since 2004 and is currently is one of the leading players in the Russian consumer fin... more
Outstanding issues:
1 issuesRUB3,000,000,000
2 issuesUSD250,000,000
Issuer rating:
Moody's Investors ServiceB3/StableLT- foreign currency11/10/2016
Moody's Investors ServiceB3/StableLT- local currency11/10/2016
S&P Global RatingsB-/StableForeign Currency LT07/13/2017
S&P Global RatingsB-/StableLocal Currency LT07/13/2017
S&P Global RatingsNR/LT National Scale (Russia)06/02/2017
Fitch RatingsWithdrawn/LT Int. Scale (foreign curr.)10/30/2013
Fitch RatingsWithdrawn/National Scale (Russia)10/30/2013
Fitch RatingsWithdrawn/LT Int. Scale (local curr.)10/30/2013
RusRatingWithdrawn/International scale12/04/2008
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