TEXT-Fitch assigns Sberbank local currency IDR of 'BBB'; rates upcoming domestic bonds
(The following statement was released by the rating agency)
Jan 21 - Fitch Ratings has assigned Sberbank of Russia (Sberbank) a Long-term local currency Issuer Default Rating (IDR) of 'BBB' with Stable Outlook, a Short-term local currency IDR of 'F3' and a National Rating of 'AAA(rus)' with Stable Outlook. Fitch has also assigned Sberbank's twenty five upcoming issues of senior unsecured bonds, Series BO-27 to BO-51, with a total nominal value of RUB300bn, expected Long-term local currency ratings of 'BBB(EXP)' and National Long-term ratings of 'AAA(rus)(EXP)'.
The bonds' final ratings will be assigned by Fitch at a later date. The notes will have an expected maturity of three years. 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-November 2012, retail deposits accounted for 54.3% of Sberbank's total liabilities, according to the bank's Russian Accounting Standards financial accounts.
Sberbank's other ratings are a Long-term foreign currency IDR of 'BBB', a Short-term IDR of 'F3', a Viability Rating of bbb', a Support Rating of '2' and a Support Rating Floor of 'BBB'.
Sberbank is Russia's largest bank by assets and equity, and the state currently owns 50%+ 1 share of the bank.
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