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Moody's updates press release to reflect final terms of Khreschatyk Finance B.V.'s upcoming loan participation notes issue

September 6, 2006
Moody's has updated its press release as of
1 September 2006 to reflect the final terms of Khreschatyk Finance B.V.'s
upcoming loan participation notes issue rated B2 with a stable outlook.
The press release was based on the preliminary documentation, which
referred to the put option trigger based on the reduction in the City of
Kyiv's ownership to below 50.1% of the bank's voting stock. However, the
final terms and conditions of the issue stipulate a fall in the City of
Kyiv's direct or indirect (including beneficial) ownership to below 25%
plus one of the voting stock of Bank Khreschatyk as a put event.



According to Moody's, the loosened definition of put event makes the
occurrence of such an event and accompanying further pressure on the
ratings even less likely. This change, however, has no rating
implications as the issue's rating was not penalised on account of the
existence of this option.



On 1 September 2006, Moody's assigned a B2 long-term foreign currency
debt rating to the upcoming issue of senior unsecured Loan Participation
Notes (LPNs) to be issued by the special purpose vehicle (SPV)
Khreschatyk Finance B.V. on a limited recourse basis for the sole purpose
of funding a loan by Moscow Narodny Bank Limited to Bank Khreschatyk.

Headquartered in Kyiv, Ukraine, Bank Khreschatyk reported total assets of
US$598.7 million under IFRS (reviewed by the auditors) as of 30 June 2006.
Company — Khreschatyk
  • Full name
    Khreschatyk