Moody's upgrades Baltric Trust Bank to Baa3

Moody's Investors Service said it upgraded Baltic Trust Bank's covered bond rating to Baa3 from Ba2.

This action follows the upgrade of the bank's long-term senior unsecured rating to Ba1 from Ba3 and concludes the review for possible upgrade initiated in October 2006.

The rating reflects the expected loss posed to investors by the legal final maturity, the agency said. Moody's said its ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors, the agency added.

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