Moody's rates Nomos notes Ba3

Moody's Investors Service said it assigned Nomos Capital plc's $400 million loan participation notes due 2013 a long-term foreign-currency senior debt rating of Ba3.

The outlook is stable.

The proceeds will be used to provide a loan to Nomos Bank.

The rating is constrained by a relatively high risk appetite reflected in long-term lending for project finance, which exert pressure on equity; a concentrated funding base that renders the bank's franchise and liquidity potentially vulnerable; relatively undiversified business; and potential corporate governance concerns, Moody's said.

The rating is supported by Nomos Bank's reasonable position in the market, reasonable capitalization levels supported by the shareholders' willingness and ability to capitalize the bank and the bank's demonstration of countercyclical revenues from stable sources, Moody's said that the Ba3 rating is based on the credit quality of the underlying obligor, Nomos Bank.

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