Moody's Investors Service is not going to let the promise of Russian future flows slip away. Absent from the blowout $1.25 billion export deal issued by oil giant Gazprom in July, the agency is now rating what looks to become the second future flows structure from the country, a $200 million credit-card backed deal originated by Rosbank. Merrill Lynch and Credit Suisse First Boston are leading the transaction. Fitch Ratings is reportedly assessing the deal as well.

In a short press statement, Moody's said it rated the deal Ba3', one notch above the bank's foreign currency deposit rating of B1'. The structured rating is three notches shy of investment grade, below the equivalent of the triple-B minus that Gazprom scored with Standard & Poor's and Fitch. S&P and Fitch respectively put the Gazprom structure three- and two-tiers above its corporate rating.

A Luxembourg-based SPV will issue the notes and use the proceeds to extend a loan to Rosbank. The vehicle will have a first priority security interest in the collateral, comprised of present and future debit and credit card receivables due from VISA and MasterCard. On the surface at least, the structure resembles the Gazprom deal.

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