LIMASSOL, Dec. 12 -- Moody's Investors Service may upgrade the Ba3 long-term debt ratings of two issues of loan participation notes issued by Dresdner Bank AG (due in 2007) and Bayerische Hypo- und Vereinsbank AG (due in 2008) for funding a loan to UkrSibbank.

As Moody's said in an announcement carried by Interfax-Ukraine, the bank's B2 long-term foreign currency deposit rating was affirmed, as it remains constrained by Ukraine's B2 country ceiling for such deposits, while the bank's bonds, which were issued under foreign laws, may pierce the B1 sovereign ceiling for foreign currency-denominated bonds.