TEXT-Fitch assigns Sviaz-Bank's RUB bonds 'BB' rating

Thu Apr 19, 2012 6:14am EDT

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(The following statement was released by the rating agency)

Apr 19 - Fitch Ratings has assigned Sviaz-Bank's 10-year RUB5bn issue of senior unsecured bonds, due 07 April 2022 a final Long-term local currency rating of 'BB' and a National Long-term rating of 'AA-(rus)'.

The rate of the first six semi-annual coupons has been set at 9.5%. The bonds have a put option on 20 April 2015.

The bank has a Long-term Issuer Default Rating (IDR) of 'BB' with a Stable Outlook, Short-term IDR of 'B', Viability Rating of 'b+', a National Long-term rating of 'AA-(rus)' with Stable Outlook and a Support Rating of '3'.

Sviaz-Bank is a mid-sized Russian bank fully owned by Vnesheconombank ('BBB'/Stable) and is the 22nd-largest bank in Russia at end-2011.