TEXT-Fitch rates Sberbank's ECP programme 'F3'
(The following statement was released by the rating agency)
Nov 09 - Fitch Ratings has assigned SB SECURITIES S.A.'s USD3bn European Commercial Paper programme a Short-term rating of 'F3'. The notes issued under the programme will be unconditionally guaranteed by Sberbank of Russia.
Fitch notes that the ratings are assigned to the programme and not to the notes issued under the programme. There is no assurance that notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will be the same as the rating assigned to the programme.
Sberbank's obligations under the notes will rank equally with the claims of other senior unsecured creditors, except the claims of retail depositors. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-September 2012, retail deposits accounted for 57% of Sberbank's total liabilities, according to the bank's accounts prepared under Russian Accounting Standards.
Sberbank has a Long-term foreign and local currency Issuer Default Rating (IDR) of 'BBB' with a Stable Outlook, Short-term foreign currency IDR of 'F3', Viability Rating of 'bbb', and Support Rating of '2'. These ratings are not affected by this rating action.
Sberbank is the largest bank in Central and Eastern Europe. The state currently owns 52.3% of its shares and the rest is publicly traded.
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Record cold, ice grip U.S.; snow heads East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'