MOSCOW, Oct. 19 - Moody's Investors Service has assigned a B2 long-term foreign currency debt rating to the upcoming issue of Loan Participation Notes (LPNs) to be issued by HSBC Bank plc (UK) on a limited recourse basis for the sole purpose of funding a senior unsecured loan to Kreditprombank, the international ratings agency said in a press release.

The outlook for the rating is stable, the release says.

The B2 rating is primarily based on the credit quality of Kreditprombank as an underlying borrower. However, Moody's notes that the structure of the transaction does not completely eliminate the credit risk inherent to HSBC Bank plc as both issuer of the notes and a principal paying agent, given that it has not charged and assigned its rights and interests to the trustee for the LPN holders (noteholders).