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Rating Action:

Moody's assigns B3 to senior unsecured debt of National Factoring Company (Russia)

29 Oct 2010

Moscow, October 29, 2010 -- Moody's Investors Service has today assigned a B3 long-term global local currency debt rating to the senior unsecured debt of National Factoring Company ("NFC"). The rating carries a stable outlook. Any subsequent unsecured senior debt issuance by NFC will be rated at the same level subject to there being no material change in the bank's overall credit rating.

RATINGS RATIONALE

The rating of B3 was assigned to the following debt instrument:

RUB 2,000M Senior Unsecured Regular Bond due 05/03/2011

The assigned rating is in line with NFC's global local currency deposit rating of B3, which is, in turn, based on the bank's E+ BFSR (mapping to a Baseline Credit Assessment (BCA) of B3). Moody's notes that the rating does not incorporate any expectation of systemic or shareholder support for NFC in case of need.

Moody's observes that, on the one hand, NFC's rating is constrained by (i) a narrow, competitive and higher-risk business niche which makes it difficult to reach scale; (ii) concentrated, short-term, costly and potentially volatile funding sources that lead to volatility of business and difficulties in competing in low-risk sectors; (iii) modest and inflexible operating efficiency; (iv) liquidity being dependent on related parties; and (v) potential corporate governance issues which could lead to a significant rise in related-party transactions.

On the other hand, Moody's highlights that the rating is supported by (i) NFC's high capitalisation which enables it to withstand significant stress, (ii) lower-than-average risk appetite for the industry, (iii) reasonable yields on a risk-adjusted basis and (iv) ability to retain market positions in its target segments, secured by an innovative approach and developed technologies.

The principal methodologies used in rating National Factoring Company ("NFC") were Bank Financial Strength Ratings: Global Methodology published in February 2007 and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Headquartered in Moscow, Russia, National Factoring Company reported total assets of RUB5.2 billion and net income of RUB76 million according to audited IFRS at YE2009.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

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Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Moscow
Vladlen Kuznetsov
Asst Vice President - Analyst
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

London
Yves Lemay
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Eastern Europe LLC
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia

Moody's assigns B3 to senior unsecured debt of National Factoring Company (Russia)
No Related Data.
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