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 www.moodys.com 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.