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Credit Bank of Moscow Yields Fall to Month Low on Fitch Upgrade

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.

To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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