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The yield on OAO Credit Bank of Moscow (MSKB)’s two-year note dropped to the lowest level in almost a month after Fitch Ratings upgraded the Russian lender’s debt.
The bank’s 5 billion rubles ($153 million) of local bonds due June 2014 rose, cutting the yield by nine basis points, or 0.09 percentage point, to 11.69 percent, the lowest on a closing basis since May 17.
The lender’s credit rating was raised one step to BB-, the third-highest investment grade status, Fitch said in a statement. The upgrade “reflects the broadening of the bank’s franchise and expected improvement of the quality of its capital following the upcoming equity injections from two international financial institutions,” it said.
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