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Friday, November 16, 2018

Moody's assesses deal to buy Petrocommerce Opening bank

Moody's Investors Service recently assessed the purchase of the financial corporation Petrocommerce Opening bank.

The implementation of the transaction will have a positive impact on NOMOS-BANK's credit profile, according to the assessment. NOMOS is the parent organization of Discovery and IFD Kapital. The acquisition will further strengthen the structure of the ultimate owners of NOMOS-BANK, according to Moody's. A successful restructuring of Petrocommerce could also positively impact NOMOS-BANK's credit profile.

IFD Kapital previously announced its readiness to buy back up to the completion of the transaction performance loans. It also offered to provide the bank with a $310 million long-term subordinated loan. The loan would go toward helping the bank recapitalize and improve its credit profile by reducing the need to increase loan loss reserves for problem loans.

Additionally, by joining IFD Kapital, a shareholder of FC Opening could reduce the risks of Petrocommerce's liquidity problems.