TEXT - Fitch rates Sberbank of Russia eurobonds 'BBB'
(The following statement was released by the rating agency) Jan 29 - Fitch Ratings has assigned Sberbank of Russia's RUB25bn Eurobond issue a Long-term rating of 'BBB'. The notes were issued by Luxembourg-based SPV SB Capital S.A., a fully-owned subsidiary of Sberbank. The notes are due in January 2016 and have a fixed 7% coupon rate. Sberbank's obligations under loan agreement with SPV 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-2012, retail deposits accounted for 55.7% of Sberbank's total liabilities, according to the bank's Russian Accounting Standards financial accounts. Sberbank has a Long-term Issuer Default Rating (IDRs) of 'BBB', a Short-term IDRs of 'F3', a Viability Rating of bbb', a Support Rating of '2', a Support Rating Floor of 'BBB' and a National Rating of 'AAA(rus)'. Sberbank is Russia's largest bank by assets and equity, and the state currently owns 50%+ 1 share of the bank. (Caryn Trokie, New York Ratings Unit)
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